Newspaper article The Evening Standard (London, England)

Techs Seen Hardest Hit as Wall St Braces for Earnings

Newspaper article The Evening Standard (London, England)

Techs Seen Hardest Hit as Wall St Braces for Earnings

Article excerpt

Byline: LAUREN CHAMBLISS

FROM General Electric to internet darling Yahoo!, corporate America is this week expected to reveal that the first three months of this year was the worst earnings quarter in a decade.

Analysts are bracing for the companies in the Standard & Poor's 500 index to report an 8.4% profits tumble, the worst performance since the 1991 recession, according to earnings tracker First Call.

The technology sector is expected to be hardest hit, with analysts projecting 35.8% plunge in profits from a year ago, when the economy was at its peak.

In recent weeks, a record 782 firms have said they will not meet their targets, against 548 at this time last quarter.

Among them was Yahoo!, one of the first big internet firms to turn a profit - a feat it is not expected to repeat in the near future. Analysts project that the company, headed by Tim Koogle, made no earnings in the latest period, following a nine-cents-a-share gain last quarter. …

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