Executives at Microsoft and Dell delivered a wake-up call to the technology industry on Thursday with downbeat comments about the state of demand for technology that ran counter to the recent optimistic views expressed by other big tech companies.

The more sombre outlook came as Dell revealed a fall of 23 per cent in revenues in its most recent quarter as big businesses delayed purchases of personal computers. The revenue collapse was bigger than expected as the company opted to protect its profit margins rather than chase sales in the face of an accelerated fall in prices.