May 6, 2002 – Santa Clara, CA – Intel CEO Craig Barrett said expectations that 2Q revenues would be flat had not changed despite signs of an improving American economy.

“I know we’ve seen relatively strong announcements of GDP growth in the United States, but as far as I can tell, that hasn’t translated into corporate profitability or corporate IT investment growth,” he said.

“We’re looking at a relatively flat second quarter. I don’t think you’re going to see any substantial up tick in the industry until corporate profits increase and you see investment in corporate IT infrastructure,” Barrett said.

Intel had earlier said it expected revenues of $6.4 to $7 billion in 2Q, and the midpoint of the range suggests sales will be flat with the first quarter’s $6.78 billion, reported Reuters.