Sun (NASDAQ: JAVA) showed Wall St. once again that it is simply not a viable or relevant large tech company.
Revenues for the third quarter of fiscal 2008 were $3.266 billion, a decrease of 0.5 percent as compared with $3.283 billion for the third quarter of fiscal 2007 Wall St. expected earnings of $.18 a share on $3.38 billion in revenue. Net loss for the third quarter of fiscal 2008 on a GAAP basis was $34 million, or $(0.04) per share, as compared with net income of $67 million, or $0.07 per share, for the third quarter of fiscal 2007.
"The U.S. economy presented Sun with significant challenges in the third quarter, masking our progress in developing nations and economies across the world," said Jonathan Schwartz, CEO of Sun Microsystems.
"Masked" is not the right word. Sun does not have any meaningful and growing demand for its products. The company’s PR did not show revenue by region so investors cannot see the break-out of Sun revenue and operating income by regions.
The company has now added to the large number of quarters when it has disappointed investors.
Shares are down over 1% after hours to $16.12.
Douglas A. McIntyre