Sun CFO sets lower IT forecast
Sun Microsystems has lowered its forecast for revenues and warned that in some areas technology spending continues to weaken, according to its chief financial officer.
Link: FDs lack IT investment strategy
CFO Steve McGowan told analysts in a conference call that the company had not seen any improvement in the IT spending environment.
According to Reuters, McGowan said he saw revenues for the first-quarter of the 2003 financial year at about the same level as in the first quarter of 2002, when revenues were $2.86bn. This is at the bottom end of the range he gave in July.
McGowan said the drop in revenue from the fourth quarter would not be significant enough to hit margins, that component pricing was favorable and that discounts made in the fourth quarter of the 2002 financial year would not hit first-quarter results.