Profit warning bites into Apple

Apple Computer has become the latest tech firm to issue a profits warning. The vendor blamed poor sales to consumers and to advertising and publishing businesses.

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By  Neil Denslow Published  June 19, 2002

Apple Computer has become the latest tech firm to issue a profits warning. The vendor blamed poor sales to consumers and to advertising and publishing businesses. It also described sales in Europe and Japan as “particularly weak.”

The computer maker cut its revenues expectations for April to June from US$1.6bn to between US$1.4-1.45bn.

“Like others in our industry, we are experiencing a slowdown in sales this quarter. As a result, we’re going to miss our revenue projections by around 10%, resulting in slightly lower profits,” says Steve Jobs, Apple’s CEO.

“[However,] as one of the few companies currently making a profit in the PC business, we remain very optimistic about Apple’s prospects for long-term growth,” he adds.

Shares in Apple fell to $19.13 in after-hours trade, down from Tuesday's close of $20.15.

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