Dave, Re: AMD & Intel A/R
I didn't really want to get into this aspect of the numbers as I think too much attention can be paid to the quarterly reports. But, shouldn't one consider both accounts receivable and payable since this is an area where a company can elect to do a little adjusting? (I only consider MSFT to be really "guilty" of such manipulation.)
Q4 2000 Q1 2001 Pct. Change
Intel
Revenue 8,702 6,677 -23.3
Acct-Pay 6,305 5,398 -14.4
Acct-Rec 4,129 3,432 -16.9
AMD
Revenue 1,092 1,175 1.2
Acct-Pay 477 377 -21.0
Acct-Rec 547 602 +10.1
Overall it would appear that AMD's accounts payable & receivable fared better than Intel for the most recent quarter.
However, I do agree with your idea that firms that aggressively used vendor financing (such as the communications sector, though not Intel I believe) to support rapid revenue growth will be very interesting to watch over the next couple of quarters.
-PT |
