Sun Misses Revenue Mark, Falls in Late Trading

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.