The IT industry could find itself affected by recent economic conditions, as profit warnings were issued by 13 London-based IT companies, reported IT Pro.
Technology director at consultancy Ernst & Young James Bennet commented on the report, blaming spending cuts in the first quarter of 2008, triggered by the credit crunch.
Mr Bennet explained: "Technology stocks have been hard hit, with organisations selling to the financial services sector particularly feeling the pinch as many projects have been put on hold."
It was also noted that in 2007 the opposite trend was spotted, as 17 companies offered a profit warning in the first quarter of the year, dropping to nine by the end of the year.
However, it was also reported last month that the PC industry was set to increase by ten per cent during 2008, according to research firm Gartner, which predicted that the number of units would increase to 293 million.
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