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

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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