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."
Facebook told by Brussels-based court to stop tracking non-users and to delete all data held on them
Supply chain and manufacturing experience could give Dyson an important edge
New VR Zone Portal arcades open in London and Tunbridge Wells
Systems-on-a-chip with integrated AI features could make voice and facial recognition