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Sun says Q4 will be US$3.7-$3.8 billion, as tipped

Sun says Q4 will be US$3.7-$3.8 billion, as tipped

Sun Microsystems gave an early look at its fourth-quarter financial results on Tuesday, reporting figures that were roughly in line with analyst forecasts.

The news pushed Sun's share price up almost 14 percent to US$10 in after-hours trading. The stock had closed a day earlier at $8.78, close to its 52-week low.

Sun said revenue for the quarter ended June 30 will be in the range of $3.73 billion to $3.80 billion, or roughly in line with the consensus analyst forecast of $3.8 billion, according to Thomson Financial. The preliminary figures are lower than those from a year earlier, when Sun's revenue was almost $3.84 billion.

Net income per share will be in the range of $0.25 to $0.35, Sun said, which compares to the consensus analyst forecast of $0.27. The figures exclude a restructuring charge of about $100 million and other one-time items. Including those items and using Generally Accepted Accounting Principles, Sun said it expects earnings per share of $0.05 to $0.15.

"In these difficult economic times, we continue to see customers across the world look to open software and hardware as a source of savings, and feel Sun is well positioned with our most robust line ever of server, storage, software and service offerings," Sun CEO Jonathan Schwartz said in a statement.

The company is due to report its full results on Aug. 1.

Sun's shares have been taking a battering as the company struggles to grow its revenue. Last quarter's revenue declined by 0.5 percent to $3.27 billion, and Sun said it would lay off 2,500 workers, or about 7 percent of its workforce.


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