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Fujitsu cuts profit targets for the year

PC sales slump blamed again

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Fujitsu has joined its IT rivals and cut profit targets for the year, citing the slowdown in the US economy and falling growth in PC sales.

The Japanese chip giant reduced its net income forecast by around 78 per cent to ten billion yen ($85 million) for the year ending March 31 2001.

Sales are now expected to hit 5.53 trillion yen, down around three percent on earlier projections.

The company said both the slowing of the US economy and the lagging economic recovery in Japan had led to growth in PCs and certain hard drives not meeting expectations.

It added that slow demand for audio and visual equipment had resulted in disappointing sales growth for electronic devices.

Sales growth in services and software is also expected to be lower than previously forecast due to "worldwide slowing of IT spending".

Fujitsu joins the long list of IT companies issuing sales and profit warnings due to falling growth in PC sales. Yesterday Gateway warned it would not meet expectations, and said it expected to sell less PCs in the first quarter of 2001 than in the previous year. ®

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