Executives discussing the earnings report on a conference call expressed concern about the potential effects of the financial meltdown, but they were also optimistic. “This is not the post-dotcom kind of downturn,” said Paul Otellini, Intel's president and CEO. After the dotcom downturn around the year 2000, demand for computers was low in part because there were so many available on eBay, offered by companies that had shut down, he said. “That skewed demand,” he noted.

This time, the downturn hasn't created that strong secondary market. Also, emerging markets are a new sector that remains strong, he said. “The emerging market pattern of more people coming into computing is unique now compared to other downturns, because the cost of computing has come down relative to their income levels,” he said.

Also, demand continues to come from companies that are building data centers, particularly companies looking for efficiencies there. “I’m of the opinion that technology will do well during this downturn, for the simple fact that we sell tools of productivity,” he said.

Still, going into the fourth quarter, Intel expects corporate buyers to continue to be cautious when they consider IT investments. Demand from consumers has also lightened up, but Intel continues to see a “healthy” interest in notebooks and netbooks, Otellini said. Demand overall has been very mixed, with some customers and channels seeing little or no impact from the economic trouble and other sectors expressing worries about the effects. "As we add it up, we don't know how much of that worry will manifest itself into reality and how much will dissipate," he said.

Otellini estimated that the financial services sector, which has been particularly hard hit, makes up 15 percent to 18 percent of Intel’s server business. If the segment continues to struggle, that’s a small enough portion of Intel’s business that the chip maker shouldn’t be hurt too drastically, he said.