Intel Says It Can't Find the Upswing

Updated from 4:57 p.m. EST

If you were looking for a miracle from Intel , it's time to get realistic.

"I see no signs of an economic recovery in our business," said CFO Andy Bryant, who unwaveringly avoided talk of enhanced IT spending during Intel's midquarter update. Bryant doused hopes circulating in the PC industry that pent-up demand would cause an upswing of the three-year spending cycle in 2002. "We've seen nothing that would indicate that's happening yet," he said.

Intel let the Street in on its first-quarter 2002 performance after the closing bell Thursday, keeping steady with January's projections. Most importantly, the chipmaker honed its revenue forecasts to a range between $6.6 billion and $6.9 billion, cutting off both the high and low ends of its previous estimates. ...