If Intel’s latest earnings are truly an indication of how the tech industry is holding up in the econalypse, then the tech industry isn’t doing too badly (though, obviously, it has seen better days). After market close Tuesday, the chip behemoth posted second-quarter results far in excess of expectations.
The worsening econalypse is inspiring worker reductions and other cost-cutting moves across the tech industry. The latest company to take a hatchet to its operating costs: Xerox, which plans to sack five percent of its workforce, or about 3,000 jobs, in an effort to cope with an “unpredictable economy.”
Oh, we’re in trouble now. Microsoft CEO Steve Ballmer seems to have lost his optimistic outlook on the current economic collapse. And when a guy with a pay package valued at about $1.35 million loses his faith in the tech industry’s “buoyancy,” as Ballmer likes to call it, well, you know things are getting really ugly.
Wall Street’s 777-point selloff on Monday–one of its worst days since 1929–hit many tech stocks harder even than the overall market on Monday. Said Ross Sandler, senior Internet analyst at RBC Capital Markets, “Tech took it on the chin disproportionately.” Indeed, it did. And a couple of other places as well, from the looks of things. A quick overview of the carnage.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper.
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
Best video mashup ever.
A Facebook Memorial
Wow.
Worth it for the Rickrolling photo alone.
Excellent.
Flughumor!
… you vacuous, toffee-nosed, malodorous perverts
Stephen Fry and zoologist Mark Carwardine meet the kakapo — a fat, flightless and very randy rare parrot.
Spectacular in the bellowing Russian sailor sense of the word …
“If you spell something wrong on your insurance claim, do you really deserve surgery? I don’t think so …”
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