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Gateway staggers as losses swell

Troubled PC maker Gateway has turned in massive losses of $503m.
Written by Kate Hanaghan, Contributor

Troubled PC maker Gateway has turned in massive losses of $503m.

As the PC market creaks under the weight of slowing demand, the company reported a 15 per cent decline on the same period last year. Its European operations suffered considerably with a 38 per cent drop in revenues. Gateway claims the losses are driven predominantly by the costs of laying off 12 per cent of its staff and getting rid of its less-profitable sources of revenue. The company's CEO and co-founder Ted Waitt said this restructuring strategy should return Gateway to profitability by the second half of the year.
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