Network computer maker Sun Microsystems Inc. reported on Friday a fiscal second-quarter loss as it took a large charge for job cuts and restructuring, but said it sees some signs of progress compared to the previous quarter.
Sun reported a net loss of $431 million, or 13 cents per share -- its third loss in three quarters -- down from a profit of $423 million, or 12 cents per diluted share in the year-ago quarter.
Before one-time items such as a $511 million restructuring charge, a $39 million charge on investments, and a $218 million tax gain, the loss was $99 million, or 3 cents per share, down from a profit of $494 million or 15 cents per share in the year-ago quarter.
Sales dropped to $3.1 billion in the quarter ended Dec. 31 from $5.1 billion a year ago, which was Sun's highest ever, and followed $2.86 billion in the previous quarter.
George Elling, an analyst at Deutsche Banc Alex. Brown said that attention will be on the company's outlook for 2002.
"On the surface, the revenues certainly are acceptable and the loss was in line with expectations, a little bit better. The revenue side of the equation was on target and bookings seem to be OK."
Analysts polled by Thomson Financial/First Call had forecast Sun would lose between 2 cents and 5 cents per share, with a consensus estimate of a loss of 4 cents per share on $3.1 billion sales.
News source: Reuters - Sun Micro Posts a $431 Million Net Loss
