3Com says its losses will exceed expectations; shares drop; turmoil in the telecommunications industry hurts equipment maker

Article Abstract:

Santa Clara, CA-based telecommunications equipment maker 3Com Inc. reports that the per-share loss for its second quarter will exceed forecasts. Second-quarter earnings will be announced Dec. 21, 2000 and are expected to be between $785-800 million, a loss of between 19-23 cents a share instead of seven to nine cents a share as forecast. The slowdown in PC sales has not yet hit the company but its is expected to impact the company's third-quarter earnings.

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Intel reports sharp drop in chip sales; earnings finish higher than earlier forecasts

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Intel Corp. has reported fiscal first-quarter sales and earnings figures. Sales dropped off sharply from one year ago, but the company beat its lowered earnings forecast. Earnings of $1.1 billion were reported and were $200 million higher than the company's Mar. 9, 2001 expectations. The company is instituting a price-cutting strategy and forecasts second-quarter revenue to be between $6.2-6.8 billion.

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Cisco earnings drop sharply but match expectations

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Reflecting a trend where technology companies meet their sharply lowered earnings forecasts, Cisco Systems reported fourth quarter net income of $163 as compared to $1.2 billion a year ago. Citing problems in European and Asian markets, as well as the U.S. economic downturn, CEO John Chambers predicted flat results for the next two quarters followed by a return to revenue growth.

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