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July 18, 1991

APPLE FORECASTS REVISED

By CBR Staff Writer

The Wall Street consensus on Apple Computer Inc’s fiscal fourth quarter and next fiscal year’s earnings is likely to be cut, analysts say after a conference call following Apple’s third quarter results (see page 5): sales in the third quarter were up 12%, compared with a 19% rise in the second quarter and while unit shipments rose 60% year-on-year, that too was below the 85% seen in the previous quarter – andgross margins slipped further – to 45.8% from 54% in the year-ago period; the size of the restructuring charge was more than double what most analysts had anticipated and caught them by surprise; Apple said one-third of the charge was related to redundancy payments, half was for cutting back facilities and moving operations to lower-cost areas and the rest represented reserves taken in connection with the Beatles’ trademark infringement lawsuit against Apple; no further employee reductions beyond the 15,000 already announced are seen.

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