Sun Posts Loss in Last Full Quarter
August 29, 2009 by Mark Ellis
Filed under Business
On the heels of its $4.7 billion acquisition by Oracle, Sun Microsystems has posted a significant quarterly loss as sales fell to disappointing levels. The last quarter probably marks Sun’s last full quarter as an independent company before it is absorbed entirely by software giant Oracle.
In a report filed yesterday, Sun reported a loss in the quarter ended June 30, which is the company’s fiscal fourth quarter, of 20 cents per share. This compares to Sun’s profit of 11 cents per share, or $88 million, in the same quarter last year, highlighting the negative impact that the recession has had on Sun and the rest of the technology sector in general.
Sales have also fallen, declining from $3.8 billion a year ago to $2.6 billion last quarter. The end of Sun’s fiscal year saw the company post a $2.23 billion loss throughout the year, as opposed to a $403 million gain last year. While Oracle agreed to pay $9.50 per share to buy out Sun, its shares have fallen to $9.32 in afterhours trading following the news.
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