No. 3 PC maker Gateway Loses $7.7 million
Gateway maintained its track record of underachievement, as the No. 3 PC maker in the U.S. reported weaker-than-expected results Thursday. Irvine, Calif.-based Gateway said it lost $7.7 million, or 2 cents a share, on $919 million in sales in the three months ended June 30, compared with a profit of $17.2 million, or 5 cents a share, on sales of $873 million the same time a year ago.
Wall Street analysts were looking for the computer maker to earn a profit of 2 cents a share, with $1 billion in revenue, according to Thomson Financial. Shares of Gateway rose 0.6%, or one penny, to $1.60 in extended trading. The company’s stock is trading near its 52-week low. Two weeks ago, Gateway was dropped from the S&P 500. “While we are disappointed with our performance in the second quarter, we believe that our efforts in the first half of the year are beginning to resonate with customers and move us in a positive direction,” said interim CEO Rick Snyder in a statement.
Comments are closed.