Compaq issues profits warning
Big Q blames competition and lack of demand for smaller Q
Big tin company Compaq, which has rebranded itself as Q, waited until the end of yesterday to issue a profits warning for its first quarter earnings. A statement from CEO Eckhard Pfeiffer said that it will report net profits of 15 cents on Q1 turnover of $9.5 billion. The company blamed lack of demand and severe price competition for the drop in profits. Its first quarter earnings information will be released on April 21st. Wall Street analysts had thought it would produce net profit of 31 cents per share.