There has been some debate recently about which of the well-known tech stocks is the worst. AMD (AMD) is often in the running. So is Palm (PALM).
Sun (JAVA) won the race today with spectacularly poor numbers for the last quarter.
First Call had estimates of ($.08) EPS and $3.06 billion in revenue. Sun was not even close.
Revenue for the first quarter of fiscal 2009 were $2.990 billion, a decrease of 7.1% as compared with $3.219 billion for the first quarter of fiscal 2008. Total gross margin as a percent of revenues was 40.2, a decrease of 8.3%, as compared with the first quarter of fiscal 2008.
Net loss for the first quarter of fiscal 2009 on a GAAP basis was $1.677 billion, or ($2.24) per share on a diluted basis, as compared with a net income of $89 million, or $.10 per share, for the first quarter of fiscal 2008. GAAP net loss per share includes a $1.445 billion non-cash charge for goodwill impairment.
On a non-GAAP basis, net loss for the first quarter of fiscal 2009 was $65 million, or ($0.09) per share on a diluted basis, as compared with a non-GAAP net income of $285 million, or $.32 per share, for the first quarter of fiscal 2008.
The company whined and gave excuses along with saying how bright the future was. That is the stock and trade of Sun CEO Jonathan Schwartz who keeps his job by way of some unknown miracle. His comment: "We believe Sun is well positioned to weather the downturn and ultimately become the biggest beneficiary in the open source revolution in both systems and software."
Jonathan, there is no way in hell you will be around to see that day. It isn’t coming.
Douglas A. McIntyre
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