Sun stock goes degenerate dwarf
Not a stellar showing
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Sun Microsystems' shares took a bath today, slipping nearly 23 per cent after the company surprised investors with its worst financial results in over a year. The market reaction sent Sun stock down to its lowest point in nearly six years.
Late Thursday, Sun reported it was back in the red with a net loss of $34m for this year's third quarter. The company blames stagnant sales in the US and expenses from its $1bn purchase of MySQL.
Sun forecast flat revenue for the current quarter, and also announced plans to lay off between 1,500 and 2,500 workers to lower costs over the coming year.
"The U.S. economy presented Sun with significant challenges in the third quarter, masking our progress in developing nations and economies across the world," said Sun CEO Jonathan Schwartz. "We continue to invest in the future created by open alternatives to proprietary technologies, best exemplified by the acquisition of MySQL. The world is moving to open source innovation, and Sun continues to lead that revolution."
So far, Sun's taken on the open revolution has failed to impress investors.®
COMMENTS
I finally understand the 4 for 1 stock split reversal
It was to ensure they don't get delisted by NASDAQ for going below a dollar.
Being delisted by NASDAQ is the kiss of death for any company.
Just when I think Jonathan is stupid and should be fired I understand his logic.
MrMojoRisin
MySQL
*Somebody's* head should roll.
Sun paid a billion dollars for MySQL?
I thought everyone knew you could get it free off the internet.
U.S. economy provides (... smoke screen for incompetence...)
Quote from article:
"The U.S. economy presented Sun with significant challenges in the third quarter, masking our progress in developing nations and economies across the world," said Sun CEO Jonathan Schwartz.
Schwartz should have said:
"The U.S. economy conveniently presented Sun with a smoke screen behind which we plan to hide our own incompetence, which has been destroying Sun Microsystems for a a lot longer than the economy has been in a slump."
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