Tech Firms Buoyed by Demand Abroad

International demand keeps tech afloat even as economy sinks
By Clay Dillow,  Newser Staff
Posted Jul 18, 2008 8:53 AM CDT
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)
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(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.