Sun Expects Poor Financial Results For This Quarter
Sun's latest statement was meant to prepare investors for worse news than they expected. Previously, the company expected revenue of $3.14 billion, but now it has to announced a significantly lower figure.
October 21, 2008
Jonathan Schwartz, CEO of Sun Microsystems, issued a statement in which he blames the weak financial results on the current economic situation:
"Sun and its customers are seeing the impact of a slowing economy. We believe we are positioned to offer the kinds of products that can radically help customers reduce expenditures for their infrastructure from Open Storage to Solaris-based Chip Multi-Threading (CMT) systems to offering the most eco-efficient systems in the market."
The company's shares were down 14% today and the fall is expected to continue for a while.
Sun will report its complete first quarter of fiscal year 2009 financial results on Thursday October 30, 2008 and will host a conference call to review the complete financial results beginning at 1:30 p.m. PT / 4:30 p.m. ET.