Profits refuse to pick up...
Published: 1 March 2002 13:30 GMT
Ailing PC company Gateway could finally be closing the door on its operations after warning analysts it would report lower than expected profits for the second year running.
The company, once America's largest computer maker, has already pulled out of Europe and Asia as PC demand slowed to a halt.
Ted Waitt, CEO of Gateway, told analysts gross margins were likely to be just 14 to 15 per cent instead of the predicted 19 per cent.
Merrill Lynch is estimating annual losses of between $126m and $158m.
However, Waitt remained upbeat claiming the company had used its sponsorship of the Winter Olympics to generate more sales as well as dramatically slashing prices. He said phone inquiries were up 31 per cent and the number of customers coming through the doors was up 26 per cent.
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