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Technology Stocks : Advanced Digital Information Corp. (ADIC)
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To: Z Analyzer who wrote (1955)5/18/2000 9:36:00 AM
From: H James Morris   of 2283
 
Good question. All this market cares about is revenue growth...profits mean nothing.
Amazon.com is a great example.
>Redmond, Washington, May 17 (Bloomberg) -- Advanced Digital Information Corp. fell as much as 25 percent after the maker of computer storage and archival systems reported ``sluggish'' sales growth in Europe and lower sales of its largest libraries.

The shares of the Redmond, Washington-based company fell 2 9/16 to 14 7/8 in midafternoon trading of 5.8 million, more than five times the three-month daily average. Earlier, the shares touched 13. They've lost more than 40 percent of their value since Jan. 1 and are the eighth-biggest percentage loser on the Nasdaq Stock Market today.

Revenue for the fiscal second quarter ended April 30 rose 20 percent to $64.9 million but weakness in the euro, which makes imported products like Advanced Digital's more expensive, hurt sales in Europe. The reports of slowing growth spooked some investors, one analyst said.

``Once you announce slowing growth, people get out,'' said William Lewis, an analyst at Chase H&Q in San Francisco, who rates Advanced Digital shares a ``buy.'' ``It was a transitional quarter for the company. We don't expect their numbers to go through the roof in the third quarter either but the fourth quarter and beyond looks good.''

Advanced Digital's second-quarter revenue was about $2 million less than Lewis was expecting, he said. Lewis expects combined revenue of $150 million for the third and fourth quarters but said he may revise that number.

May/17/2000 14:29 ET
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