Article Abstract:
Apple Computer Inc reports that net income declined by 39 percent and revenues declined by 2 percent in its 4th qtr 1990. The earnings decline caught no one by surprise, and many analysts had predicted a weaker quarter. Apple's net income for the quarter is $98.5 million compared with $161.1 million for the same period a year ago. Revenue for the most recent quarter is $1.35 billion, down from $1.38 billion for the comparable period a year ago. Apple attributed the slow quarter to production slowdowns in preparation for a major new product introduction. Resellers confirm the slowdown, claiming many customers waited several weeks for delivery of certain models. Wall Street reacted to the news by sending Apple's stock up $2 a share to close at $28.50.
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Article Abstract:
Hewlett-Packard Co (HP) reports a 5 percent drop in net income for the 3rd qtr ended Jul 31, 1990. The company posts net of $178 million, or 73 cents a share, compared to $187 million, or 79 cents a share, in the year-earlier period. Revenue for the quarter increases 8 percent, to $3.2 billion. According to HP, results were hurt by weaker spending in defense, aerospace and health, and by loss of market share in microcomputers and workstations, where competition is fierce. Analysts lower estimates a bit for HP's 4th qtr and for FY 1991, but they are pleased with the company's efforts to hold down operating expenses. HP's stock is down $1.875 on the New York Stock Exchange, closing at $35.875 a share.
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Article Abstract:
HP announces 3rd qtr 1989 earnings of $187 million, down 3 percent from the previous year, and revenues of $3 billion, up from $2.4 billion in 3rd qtr 1988. The decline in earnings is blamed on HP's 'uncertain' outlook on its minicomputer products and the weak demand for these machines. Sales continue strong for workstations, microcomputers and printers, but forecasting is difficult because HP relies on third parties to sell the products. Industry analysts see this trend as eventually hindering HP's management of its business and making HP stock less attractive.
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