Apple Computer profit fell 39% in its 4th quarter
Article Abstract:
Apple Computer Inc reports that net income declined by 39 percent and revenues declined by 2 percent in its 4th qtr 1990. The earnings decline caught no one by surprise, and many analysts had predicted a weaker quarter. Apple's net income for the quarter is $98.5 million compared with $161.1 million for the same period a year ago. Revenue for the most recent quarter is $1.35 billion, down from $1.38 billion for the comparable period a year ago. Apple attributed the slow quarter to production slowdowns in preparation for a major new product introduction. Resellers confirm the slowdown, claiming many customers waited several weeks for delivery of certain models. Wall Street reacted to the news by sending Apple's stock up $2 a share to close at $28.50.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Hewlett posts 5% drop in net for 3rd quarter
Article Abstract:
Hewlett-Packard Co (HP) reports a 5 percent drop in net income for the 3rd qtr ended Jul 31, 1990. The company posts net of $178 million, or 73 cents a share, compared to $187 million, or 79 cents a share, in the year-earlier period. Revenue for the quarter increases 8 percent, to $3.2 billion. According to HP, results were hurt by weaker spending in defense, aerospace and health, and by loss of market share in microcomputers and workstations, where competition is fierce. Analysts lower estimates a bit for HP's 4th qtr and for FY 1991, but they are pleased with the company's efforts to hold down operating expenses. HP's stock is down $1.875 on the New York Stock Exchange, closing at $35.875 a share.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
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