Postive news for the IT industry is that Intel, although it posted a 12% decline in first quarter profit, is expecting an upturn in the second quarter. Meanwhile hard drive manufacturer Seagate reports that its profit grew 62% in the latest quarter. 

Intel posted earning of $1,44-billion, down from $1,64-billion a year ago – but revenue increased 9% $9,67-billion, and it expects more revenue increases in the next quarter.
In its third quarter, Seagate earned $344-millio, compared with $212-million a year ago, with revenue having grown 10% to $3,1-billion.
However, the company reports that demand for notebook drives was down during the quarter – although it expects this to pick up in the current quarter.