Sun Earnings Not as Atrocious as Feared
Sun Microsystems’ second-quarter results were dismal–but not so appalling that they didn’t beat the lowered expectations of financial analysts. The company reported a net loss of $209 million, or 28 cents a share, quite a change from the net income of $260 million, or 31 cents a share, it reported for the same period a year earlier.
That said, these figures were weighed down by the $222 million restructuring charge Sun’s taking for sacking 6,000 employees. Without it, Sun (JAVA) would have earned 15 cents per share. Analysts had been expecting a loss of 10 cents per share, excluding costs. Investors took solace in the discrepancy between the two, sending shares in the company up more than seven percent to $4.30.