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More PC bloodshed as Gateway sees revenues halved

PC maker still mooving in the wrong direction...

By Sonya Rabbitte

Published: 19 April 2002 11:35 BST

Gateway has posted a first quarter loss of $123m on revenues that dropped over 50 per cent on the same period last year.

Shares in the company closed down 1.43 per cent at $6.20 yesterday.

Revenue for the quarter ending 31 March was $992m, down from $2bn a year earlier. However, it still beat analyst expectations of $978m.

The company blamed the revenue slump on the closure of its international business and the cancellation of some product lines.

In addition, it claimed it had sold five per cent fewer computers than in the fourth quarter of 2001.

The $123m loss included a $99m special charge, with loss working out at 39 cents per share. Excluding those charges loss was $61m, or 20 cents a share.

For related news, see:
Gateway facing threat of closure51714
http://www.silicon.com/a51714
Gateway axes 2,225 as losses loom

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