Busted flush

3 January 2003

Analysts may soon have to throw in the towel on their 2003 earnings forecasts. With valuations still stretched, tech stocks are cruising for a bruising.

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Companies may spend 1% less this year on information technology (IT) than they did in 2002, according to the average response of 100 IT decision makers surveyed by Goldman Sachs.

The 2003 spending outlook has deteriorated from a 2%3% growth rate suggested by Goldman's last two surveys. Many companies will have finalised their 2003 IT budgets before the most recent survey was conducted.

Twothirds of the survey respondents said IT budgets were more likely to be tightened than loosened in early 2003. More than half said price discounting was on the rise.

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