Storage Technology Corp, Louisville, Colorado-based provider of network storage products, has reported first-quarter net income down 85.7% at $5.8m on revenue up 6.7% at $517.5m. Earnings per share fell to $0.06 from $0.37 in the year-ago quarter and were a penny below revised expectations. Earlier this month, the company warned that it wouldn’t make earnings expectations and announced plans to cut 500 workers. It said production problems with its 9840 tape drives and slower-than-anticipated sales of its virtual storage management products were to blame for the shortfall. Initial expectations for the quarter had been for earnings of $0.42 per share, according to First Call. รก
