Intel puts money on European IT boom
Chief executive says chip maker 'poised to grow in every dimension'
Intel's chief executive Craig Barrett is predicting bullish growth for the coming year and claimed that IT spending in Europe is ahead of the US.
Speaking at a recent analyst briefing in New York, Barrett said Intel would be moving into developing countries outside the US, including China and Korea, and driving business in growth sectors such as servers, PCs and mobile technology.
"I think we are poised to grow in every dimension," Barrett said.
He said that although most countries have an aggressive IT spending plan he was "surprised to see the aggression of the UK and France".
Intel recently reported third quarter turnover of $7.8bn, an increase of 15 per cent on the previous quarter's $6.8bn and a 20 per cent increase on Q3 2002. Profit was up 150 per cent to £1.7bn.
Joe D'Elia, director of computer platform research at analyst firm iSuppli, said he was surprised Barrett thought the UK was aggressive.
"From a corporate stance the UK is as conservative in terms of IT spend as everyone else. It seems that Barrett is trying to create demand with his comments," he said.
"I can't see banks, financial institutions and corporates in the UK rushing out to implement new technology. They are putting in the infrastructure and switching to mobile, but not on the wholesale implementation Barrett is claiming."