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Article: Tech recession worst in Silicon Valley's history.(Knight Ridder Newspapers)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- April 15, 2002
- Author:
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN JOSE, Calif. _ The technology recession of 2001 will go down as the worst in Silicon Valley's recent history, a year when the biggest companies lost staggering amounts of money and tech sales shrank for the first time in at least two decades.
The San Jose Mercury News annual survey of the 150 largest public companies reveals that Silicon Valley's biggest companies reported a combined loss of $89.8 billion last year _ exceeding their profits for the previous eight years combined. Sales plummeted by $55 billion, the first time revenues failed to grow since the survey began in 1985.
"There's not a sector, at least in recent memory, that has collapsed ...