Silicon Valley firms facing biggest slump since 2002: ReportApril 14th, 2009 - 7:13 pm ICT by IANS
San Francisco, April 14 (Xinhua) Major companies in the Silicon Valley are suffering the biggest slump since the dot-com bust, further proving that the leading technology hub is not immune from the effects of a global economic meltdown, a new report has said.
According to rankings compiled by the San Jose Mercury News, total market capitalisation of Silicon Valley’s 150 biggest public companies plunged 32 percent to about $850 billion for the past 12 months ending March 31, the worst decline since 2002.
The newspaper’s annual Silicon Valley 150 list ranks public companies headquartered in the region on the basis of their worldwide revenues for the most recent available four quarters.
The latest rankings released Sunday also showed that the combined revenue for Silicon Valley’s top 150 companies grew five percent in 2008, the smallest annual increase since the Internet bubble burst in 2001.
The companies’ combined profits fell 52 percent for the year, the worst plunge since 2001.
The new assessment indicated that global recession hit Silicon Valley companies hard in the latter part of 2008, although many had thought earlier they could escape largely unscathed.
The aftershocks of the recession could be felt in Silicon Valley for years to come, the San Jose Mercury News noted citing experts.
- Facing biggest slump since 2002, Silicon Valley firms eye India - Apr 15, 2009
- Apple to offer newspaper subscriptions for iPad - Sep 16, 2010
- Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect) - Dec 30, 2010
- Google best place to work in US: Fortune - Jan 20, 2012
- IT product firm Ittiam posts $20 million revenue - Mar 21, 2012
- Indian father, son face lawsuit in US over hedge funds - Aug 24, 2010
- Russia's Gazprom world's most profitable firm in 2011 - Jul 31, 2012
- 21 percent plunge in BlackBerry stock - Jun 18, 2011
- Indians' surge in Silicon Valley continues despite downturn - May 14, 2009
- Sovereign debt default may hit Indian IT industry: Infosys - Jan 13, 2011
- Mayhem on Toronto bourse as RIM, Potash Corp. plunge - Aug 05, 2011
- Recession cloud has solar lining in Silicon Valley - Jan 29, 2009
- Small Earthquake shakes Bay Area - Oct 14, 2009
- China's first bank for technological innovation opens - Aug 16, 2012
- Spanish economy shrinks 4.2 percent - Aug 28, 2009
Tags: 12 months, aftershocks, april 14, bust, global economic meltdown, global recession, internet bubble, jose mercury news, leading technology, market capitalisation, plunge, san jose mercury, san jose mercury news, silicon valley, silicon valley companies, silicon valley firms, slump, technology hub, worldwide revenues, xinhua