Amid growing concerns that the global economic malaise is worsening, a surprisingly upbeat second-quarter earnings report from Intel INTC reflects a better-than-expected outlook for tech spending.
Biggest maker of computer chips, said on July 15 that net income for the three-month period ended June 28 soared 25%, to $1.6 billion, or 28¢ a share, as sales rose 9.1% and profit margins widened.
His remarks were a welcome respite from the barrage of headlines indicating a deepening mortgage crisis, rising fuel prices, increasing joblessness, and a drop in consumer sentiment to its lowest level in almost three decades. Everybody should be relatively happy with where the numbers are," says Avi Cohen, head of research at Avian Securities