After seeing gains for 12 trading days in a row, Nasdaq investors were due for a wake-up call. The news from the tech sector during this earnings season has been less dire than feared, but that doesn’t mean the recovery is here yet.
Microsoft duly brought things down to earth on Thursday. What was most striking in its weak second quarter results was a 29 per cent slump in revenues from the Windows client business. Didn’t Intel just report a snap-back in the PC business as manufacturers corrected for their earlier aggressive inventory reductions – and didn’t Microsoft itself say that sales of PCs to end-customers only fell by 5-7 per cent in the latest quarter? Read more