NEW YORK (Dow Jones)--Corporate information technology spending in established economies remains flat to down, said Craig Barrett, chief executive of Intel Corp. (INTC).
Speaking during an interview with Morgan Stanley analyst Mark Edelstone, which was also broadcast over the Internet, Barrett said that while he is not sure if tech spending will be down for the year, he doesn't expected it to be up a "whole lot," particularly in established economies like the U.S. and Western Europe. The executive did note that spending by corporations on tech gear in Asia and Eastern Europe is growing.
While Barrett said it's hard to forecast further out than 30 days, he said he was confident that companies will eventually spend to upgrade their technology. It will take a quarter or so more of U.S. corporate profits to drive that, noted the executive.
