San Francisco, Aug. 30 (Reuters): Computer maker Sun Microsystems Inc. on Thursday lowered its forecast for revenues in its first quarter ending September, saying corporate spending on technology may actually be weakening.
“We’ve not seen any improvement in the current information technology spending environment. In fact, some would say it might actually be worsening,” chief financial officer Steve McGowan said during a conference call with analysts, dropping his revenue forecast to the bottom end of the range he named in July.
McGowan said he saw first-quarter 2002-2003 revenues at about the same level as in the first quarter of the last fiscal when revenues were $ 2.86 billion, and at the bottom end of the range he gave in July, of a 10 per cent to 15 per cent from the fourth quarter’s $ 3.4 billion.
Shares of Sun fell in after hours trade to $ 3.70 on Instinet from a Nasdaq close of $ 3.83, although some investors said the glum outlook was no surprise and said Sun was being hit by forces roiling the entire industry.
Shares of Sun have fallen more than 90 per cent from their 2000 high as the technology bubble collapsed.