Sun Microsystems Reports 3Q Loss
By MAY WONG
Associated Press Writer
Thursday April 18, 10:06 pm Eastern Time
biz.yahoo.com
Sun Microsystems Reports Narrower Third-Quarter Loss
SAN JOSE, Calif. (AP) -- Sun Microsystems Inc. posted a slim third-quarter loss Thursday that beat Wall Street expectations by a penny, though the company -- still faced with slumping demand for high-powered network servers and workstations -- had sequentially flat revenues.
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The company also said it planned to cut 1,000 jobs from its staff of roughly 39,000 over the next six to nine months. The layoffs will come through attrition, performance reviews and paring redundancies, the company said.
For the three months ended March 31, the Palo Alto-based network equipment maker reported a net loss of $37 million, or a penny per share, on revenues of $3.1 billion. In the comparable period last year, the network equipment maker earned $136 million, or 4 cents a share, on revenue of $4.1 billion.
Excluding one-time items, the company said it lost $26 million, or a penny a share, compared to a profit of $145 million, or 4 cents a share, in the year-ago period.
Analysts were projecting a loss of 2 cents a share on revenue of $3.2 billion for the third quarter, according to a survey by Thomson Financial/First Call.
Sun officials said the economic environment is still challenging, but the company still expects to return to profitability in the current quarter as previously forecast. |
