Sun Microsystems Inc. is posting a large loss for its latest quarter. The maker of servers and business software wrote down the value of the company due to the slow economy and the huge decline in its stock price.
Sun lost $1.68 billion, or $2.24 per share in its fiscal first quarter, which ended Sept. 28. In the same period last year, it earned $89 million, or 10 cents per share.
Excluding a $1.45 billion goodwill impairment and a $63 million restructuring charge, Sun lost 9 cents per share. Analysts surveyed by Thomson Reuters expected a loss of 8 cents per share.
Sales fell 7.1 percent to $2.99 billion, coming in below the analyst forecast at $3.05 billion.
