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October 7, 2008 5:52:58 AM CDT

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Tech Firms Buoyed by Demand Abroad

Posted Jul 18, 08 8:53 AM CDT in Business,  Technology 

(Newser) – The tech sector keeps rolling even as the overall economy continues to flail, the Wall Street Journal reports. Four of tech’s giants, Microsoft, Google, IBM and Nokia, posted quarterly results yesterday, riding high on developed nations’ need for cost-saving technologies and emerging economies’ demand for infrastructure upgrades as the Internet and cell phones enjoy wider use in the developing world.

Google’s and Microsoft’s profits jumped 35% and 42% respectively, but both missed analysts’ expectations, sending stocks sliding in after-hours trading. IBM and Nokia beat analyst outlooks, as markets for business hardware and handsets surged internationally. But tech stocks are far from “recession-proof.” While chip maker Intel posted a robust profit Tuesday, rival AMD reminded investors that times are tough, posting a $1.2-billion loss.

Source Wall Street Journal

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Microsoft chairman Bill Gates pauses during his address at the Consumer Electronics Show (CES) in Las Vegas. The company is enjoying demand, especially from businesses, even as the market tanks.   (AP Photo/Paul Sakuma, file)
Electronic screens for Google and the Dow Jones Industrial Average are shown at the Nasdaq. As rising energy costs and credit scarcity continue to haunt investors, tech companies continue to profit.   (AP Photo/Mark Lennihan)
Attendees trying out Nokia phones at the Nokia booth at the Consumer Electronics Show (CES) in Las Vegas. The world's number one handset maker is enjoying increased demand in emerging economies.   (AP Photo/Jae C. Hong, file)
IBM reported quarterly earnings after the closing bell Thursday, beating Wall Street's expectations on both developed nations' and emerging economies' demands for better infrastructure hardware.   (AP Photo/Toby Talbot, file)
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Google  • Microsoft  • stock market  • technology  • Intel  • IBM  • Nokia  • NASDAQ  • AMD  • emerging markets



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