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Sun Micro FY Q3 Revs Miss Big; No Wonder They Sold

April 28, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Business at Sun Microsystems (JAVA) continues to, well, stink.

For the fiscal third quarter ended March 29, the server, storage and software company posted revenue of $2.614 billion, down 20 percent from a year ago, off 18.8 percent sequentially, and well short of the Street consensus of $2.86 billion. On the other hand, on a non-GAAP basis, the company lost 7 cents a share, which was not as bad as the 19 cent loss the Street had been expecting. On a GAAP basis, the company lost $201 million, or 27 cents a share.

Gross margin was 42.7 percent, down 2.2 points from a year ago, but up 0.8 points from the fiscal second quarter.

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