Recovery in the technology sector is just around the corner, according to the chief financial officer of software company Oracle.
Speaking at the annual OracleWorld conference in San Francisco, Jeff Henley said he believed the sector had hit the bottom and would grow again next year.
"Our assumption is the worst is over," he said. "While we don't have much visibility into beyond this current quarter we are in right now, we continue to assume that things will actually start turning around in calendar 2003. Things will start to return to growth."
But the IT industry in UK and Europe will have to wait a while longer before any recovery makes it to this side of the Atlantic, according to Henley.
"We've seen the US begin to start to stabilise but overseas, because they started later, are still in decline," he said.
Eric Woods, research director of the technology group at analyst Ovum, said major vendors were all trying to emphasise the financial stability of their companies in the current climate as a way of reassuring customers.
"The fitness of the big players is going to be key in terms of confidence," he said. "Tough markets play to the strength of the big companies as long as they are running on a sound basis."
Latest Tesla news: Tesla stock price tanks amid reports of 'widening probe' by SEC and claims the base Model 3 loses money
SEC 'probe' takes its toll on Tesla as new research suggests that Tesla loses $6,000 on every $35,000 Model 3
10nm Cannon Lake Core i3-8121U CPUs make a rare outing with Intel's NUC mini PC
'Notorious' Australian child hacker thought he had executed 'flawless' hack
The former employee says that Tesla fired him for bringing the accusations to management internally