Silke
17.01.2001, 23:39
orts first loss in three years
By Janet Haney, CBS.MarketWatch.com
Last Update: 5:24 PM ET Jan 17, 2001
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CUPERTINO, Calif. (CBS.MW) -- Apple Computer's quarterly report wasn't as flashy and shiny as its popular IMac systems, as the PC maker reported a wider-than-expected loss for its first quarter Wednesday.
Apple said its net loss for the period was $247 million, or 73 cents a share, excluding investment gains and losses.
The consensus estimate compiled from analysts surveyed by First Call/Thomson Financial called for a loss of 65 cents.
In the same period last year, Apple reported a profit of $183 million, or 51 cents.
Sales in the quarter reached the predicted $1 billion mark, dropping 57 percent from the year-ago quarter of $2.3 billion. The company said its international sales made up 49 percent of the quarter's revenue.
Additionally, Apple shipped 659,000 Macintosh units during the first quarter.
Gross margins for the first quarter were negative 2.1 percent, vs. 25.9 percent last year.
In recent trading, shares of Cupertino, Calif.-based Apple (AAPL: news, msgs) slipped 31 cents to $16.81, yet rose to $17.63 in after-hours trading. The stock has tumbled 78 percent since its 52-week high of $75.19.
"We took our medicine last quarter and brought our channel inventories back down to about 5 1/2 weeks," said Apple Chief Executive Officer Steve Jobs, in a statement.
The PC maker warned several weeks ago that its first-quarter revenue would fall "substantially" below already lowered projections. See related story.
"Our cash position remains very strong at over $4 billion, and we are planning a return to sustained profitability beginning this quarter," said Fred Anderson, Apple's CFO, today. "We now expect revenues for FY01 to be about $6 billion."
Last week, Jobs turned in a hat trick at the Macworld expo when he unveiled a faster line of PowerMac PCs, finalized a launch date for the company's OS X software and introduced the latest PowerBook notebook PC. See full story.
By Janet Haney, CBS.MarketWatch.com
Last Update: 5:24 PM ET Jan 17, 2001
Newswatch
Latest Headlines
Get Alerted
CUPERTINO, Calif. (CBS.MW) -- Apple Computer's quarterly report wasn't as flashy and shiny as its popular IMac systems, as the PC maker reported a wider-than-expected loss for its first quarter Wednesday.
Apple said its net loss for the period was $247 million, or 73 cents a share, excluding investment gains and losses.
The consensus estimate compiled from analysts surveyed by First Call/Thomson Financial called for a loss of 65 cents.
In the same period last year, Apple reported a profit of $183 million, or 51 cents.
Sales in the quarter reached the predicted $1 billion mark, dropping 57 percent from the year-ago quarter of $2.3 billion. The company said its international sales made up 49 percent of the quarter's revenue.
Additionally, Apple shipped 659,000 Macintosh units during the first quarter.
Gross margins for the first quarter were negative 2.1 percent, vs. 25.9 percent last year.
In recent trading, shares of Cupertino, Calif.-based Apple (AAPL: news, msgs) slipped 31 cents to $16.81, yet rose to $17.63 in after-hours trading. The stock has tumbled 78 percent since its 52-week high of $75.19.
"We took our medicine last quarter and brought our channel inventories back down to about 5 1/2 weeks," said Apple Chief Executive Officer Steve Jobs, in a statement.
The PC maker warned several weeks ago that its first-quarter revenue would fall "substantially" below already lowered projections. See related story.
"Our cash position remains very strong at over $4 billion, and we are planning a return to sustained profitability beginning this quarter," said Fred Anderson, Apple's CFO, today. "We now expect revenues for FY01 to be about $6 billion."
Last week, Jobs turned in a hat trick at the Macworld expo when he unveiled a faster line of PowerMac PCs, finalized a launch date for the company's OS X software and introduced the latest PowerBook notebook PC. See full story.