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US News Burst: Compaq income in dramatic fall

Compaq today reported a 96 percent drop in net income for the first quarter, posting a profit of only $16m (£9.52m), compared to $414m (£246.

Compaq today reported a 96 percent drop in net income for the first quarter, posting a profit of only $16m (£9.52m), compared to $414m (£246.43m) the year before. Sales for the quarter were up from a year ago to $5.687bn (£3.391). In a press release, the company cautioned that the second quarter would be a "period of adjustment".