Sun Misses Revenue Mark, Falls in Late Trading

First full year with profits since dot-com bust
By Jim O'Neill,  Newser User
Posted Nov 5, 2007 9:37 PM CST
Scott McNealy, the Chairman and Co-Founder of Sun Microsystems, speaks at the World Business Forum on Thursday, Oct. 11, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
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(Newser) – Despite recording its fourth straight profitable quarter for the first time since the dot-com crash, Sun Microsystems fell in evening trading after missing 1Q sales projections by $50 million, reports the Associated Press. Analysts projected the company would bring in $3.27 billion in sales in the quarter; the final number was $3.22 billion. Sun shares were down 2.8% in evening trades. It was the late session's most active Nasdaq issue.

Net income was $89 million, or 3 cents a share, for the quarter ending Sept. 30, compared to a $56 million loss, or 2 cents a share a year ago. Sun has reduced its workforce and cut costs to maintain profitability. Sun recorded $113 million in restructuring costs, which cut 3 cents per share from net income.