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April 17, 1997updated 05 Sep 2016 12:31pm

APPLE Q1 RESULTS EVEN WORSE THAN EXPECTED

By CBR Staff Writer

Apple Computer Inc reported second-quarter results even more abysmal than analysts’ low expectations. Exclusive of charges from its acquisition of NeXT Software (CI No 3,098) and restructuring charges from massive layoffs (CI No 3,121), the company still lost $186m, or $1.48 per share – on revenue down 27% at $1.6bn – when Wall Street was expecting a loss equivalent to $1.22 per share. Including the charges, Apple’s total loss for the quarter was a staggering $708m, still better than a loss of $740m for the same quarter a year ago. For the half-year, Apple’s net loss is $828m on revenue down 30% at $3.73bn, compared to a loss of $809m in the first six months of 1996. While chief executive Gilbert Amelio admitted disappointment in the quarter’s results, he anticipates higher revenues and a reduced operating loss for the third quarter, and is still looking for profitability by the year’s end.

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