Sun Microsystems (SUNW) closed up 2 cents in regular trading at $5.94. Over the last three months, the stock is down about 5%. Over the course of the last two years, it is up almost 70%.
After the bell Sun reported that revenues for the third quarter of fiscal 2007 were $3.283 billion, an increase of 3.3 percent as compared with $3.177 billion for the third quarter of fiscal 2006. Net income for the third quarter of fiscal 2007 on a GAAP basis was $67 million, or $0.02 per share on a diluted basis, as compared with a net loss of $217 million, or ($0.06) per share, for the third quarter of fiscal 2006. Product revenue was flat and service revenue was up modestly.
According to The Associated Press: Analysts expected, on average, earnings of a penny per share on $3.42 billion in revenue, according to a Thomson Financial survey.
Thomas Weisel analyst Kevin Hunt thought the company will guide above his fourth-quarter estimate for earnings of 7 cents per share, excluding stock option expenses, on $4.05 billion in revenue.
"With another quarter of profitability, we’re seeing continued progress operationally, strategically and financially, and we remain committed to our fourth quarter goal of at least 4% operating profit," said Jonathan Schwartz, president and CEO of Sun Microsystems.
Investors wept like children when they saw the results. After hours the stock fell 5% to $5.65.
Douglas A. McIntyre
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