Intel’s president and chief executive, Paul Otellini, is daring to say there green shoots of growth are blooming in the PC market. Talking to reporters and analysts, he said:
"We are seeing signs that a bottom in the PC market segment has been reached. I believe the worst is now behind us."
The comments come as the company reveals some very bleak financial figures. Its first quarter revenue was $7.1 billion, which was down 13% on the previous quarter and 26% below the figure for 2008. Net income was 55% lower than the same period last year, but it had increased a whopping 176% over the previous quarter, which might have occasioned Otellini’s comments.
"Desktop sales appear to have hit bottom first, and have followed more-normal patterns since early February,” he observed. “In notebooks, the length of the supply chain and higher levels of inventory took longer to work through, but now have returned to normal levels."
However, both Otellini and CFO Stacy Smith admitted that the business market was weak and will remain so for some time.
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