How the credit crunch is hitting the IT industry
Published: 30 Sep 2008 17:20 BST
The current financial crisis is not leaving the tech industry unscathed. Companies such as Apple and Google have taken major hits to their share prices, as the effects of the credit crunch ripple out from the financial sector.
As the industry waits to see how low the market will go — and which companies will use the situation to their advantage, or which will fall — ZDNet.co.uk will continue to keep you abreast of the latest developments and their possible effects on business technology.
BT to shed 10,000 workers
The communications and IT giant says the job cuts are part of a cost-savings plan, rather than a response to the recession [13 Nov 2008]
Applied Materials to cut 12pc of workforce
The chip-equipment maker has announced 1,800 job cuts over the next year, in the wake of declining profits and an Intel revenue warning [13 Nov 2008]
Vodafone trims revenue outlook, plans cost cuts
First-half results met expectations, as Vodafone said it aims to cut costs by £1bn annually to maintain profits as revenue dips [11 Nov 2008]
Cisco gives glum outlook as sales slump
Chief executive John Chambers says Cisco saw a sharp decline in sales during the quarter as customers prepare for an economic downturn [06 Nov 2008]
Intel warns credit crunch may hurt business
The company has warned that the credit crisis could affect demand for its chips, and lead to the insolvency of key suppliers, resulting in product delays [31 Oct 2008]
Motorola's uphill fight for survival
The company that invented the mobile phone is on the brink of disaster. Can it 'pull an Apple' and make a comeback? [31 Oct 2008]
Symantec announces layoffs
The security vendor will lay off an unspecified number of staff by the end of the year as it seeks to cut costs in the downturn [31 Oct 2008]
Sun posts a loss on declining revenue
The hardware maker has missed analysts' forecasts as the economy weighs on high-end customers, but says it will weather the storm [31 Oct 2008]
IBM shrugs off downturn as earnings rise
The company has reported a 20 percent rise in third-quarter earnings on the back of strong software and services sales [17 Oct 2008]
Bank funds vanishing via mouse-click withdrawals
High-profile banking failures have drawn attention to the fact that, as homes and businesses increasingly manage their finances online, mass withdrawals may be sudden and invisible [08 Oct 2008]
Tech stocks fall for second consecutive day
The Dow Jones industrial average took another hammering on Tuesday, marking the second day in a row it has ended the session below 10,000 [08 Oct 2008]
Search-ad revenues defy economic downturn
Growth in the market is apparent through the third quarter, despite the financial meltdown, according to an industry report and a Wall Street analyst [08 Oct 2008]
SAP warns of abrupt drop in software sales
The German software maker experienced a sudden fall in sales in September, as the financial crisis deepened [08 Oct 2008]
IT wages fall as credit crunch bites
Contractor rates for staff in the financial services sector have slumped to a five-year low, according to recent research [07 Oct 2008]
eBay to lay off 10pc of its workforce
The online auction giant has also announced plans to acquire online payments business Bill Me Later, and warned Q3 results will come in at the low end of expectations [07 Oct 2008]
Companies brace Wall Street for Q4 results
Amid the troubled economic climate, companies such as SAP and Netflix are revising investors' expectations for the current quarter before they even report third-quarter results [07 Oct 2008]
Accenture UK job cuts to hit IT workers
Up to 400 jobs are to be cut in the consulting group's UK operations, with the focus of the redundancies being on systems integration and technology [06 Oct 2008]
Getting the upside on the downturn
Don't smart over hard times — get smart and beat them [06 Oct 2008]
Phishers cash in on banking crisis
SonicWall says phishers are exploiting confusion over consolidation in the financial industry to extract victims' personal and banking details [03 Oct 2008]
Tech M&A spending plummets in third quarter
Mergers and acquisitions in the tech industry fell by a third compared to a year ago, fuelled by credit tightening and havoc on Wall Street, says a new report [03 Oct 2008]
Ballmer urges Congress to 'stabilise' financial crisis
Microsoft CEO Steve Ballmer has said he is hopeful US politicians can come up with a resolution to the economic crisis before the end of the week [01 Oct 2008]
Microsoft urges Congress to reconsider bailout
In a statement, general counsel Brad Smith says the measure is 'vitally important to the health and preservation of jobs in all sectors of the economy' [30 Sep 2008]
Tech stocks dive as US bailout fails
Technology companies saw shares take a beating after the US House of Representatives failed to pass the government bailout of the financial sector [30 Sep 2008]
Forrester predicts IT's credit-crunch survivors
The analyst house says that, as organisations look at reducing costs through mergers and acquisitions, some IT roles are more at risk than others [30 Sep 2008]
Apple shares fall 17.5 percent
The company's shares experienced a sharp fall in early-morning trading on Monday, after Morgan Stanley and RBC Capital Markets downgraded the stock [30 Sep 2008]
HSBC job losses to hit IT workers
The bank has confirmed that tech workers will be among those affected by the 1,100 job cuts announced last week [29 Sep 2008]
Indian outsourcing feels credit-crunch squeeze
The 'turmoil' in the US economy could adversely affect Indian BPO firms, a trade body has warned [26 Sep 2008]
Analyst: Slowdown in global IT spending continues
A record number of companies will cut their IT budgets or keep spending flat next year, according to market analyst Datamonitor [19 Sep 2008]
What the credit crunch means for IT
The implications of the credit crunch may prove more positive for some sectors of the technology industry than for others [17 Sep 2008]
How strife in Wall Street is set to hit tech
Financial uncertainty at major US securities firms will have ripple effects that could stifle M&A and affect tech companies aiming to go public [16 Sep 2008]
West tightens IT belt while India, China boom
While IT budgets are being cut in the US and Europe, spending for 2008 in China, Russia and India is surging forward at 18 percent growth [12 Sep 2008]
IT jobs market fending off credit crunch
The number of tech employment opportunities remains stable despite the pressures of a looming recession, say recruiters [08 Aug 2008]
Credit crunch hits London datacentres
London was chosen for just four percent of the datacentre space taken up across Europe in the first quarter of this year [07 Jul 2008]
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