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Sun Peeks from Behind Clouds
Sun Pre-announced Its Fourth Quarter and Said it Could Have Non-GAAP Earnings Somewhere between 25 Cents and 35 Cents
By: Maureen O'Gara
Jul. 18, 2008 12:30 PM
Sun, whose stock has been teetering on the brink of
disaster, pre-announced its fourth quarter Tuesday and said it could have
non-GAAP earnings somewhere between 25 cents and 35 cents because of a $100
million restructuring charge (five-15 cents GAAP) on revenues of $3.725
billion-$3.8 billion. Its gross margin is supposed to be 44%-45.
Sun CEO Jonathan Schwartz has now taken the position that customers are looking to open source software to save costs in a tough economy.
In the March quarter, when Sun lost $34 million, four cents a share, Jonathan blamed the economy.
Citigroup figures Sun closed some deals that slipped in Q3.
The company reports August 1.
Meanwhile, the company has been laying people off, 3% of its
workforce, part of a plan, announced in May, to dismiss around 2,500.
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