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Apple posts $45m loss

Steve Jobs admits "we do not expect our industry to pick up anytime soon..."
Written by Ian Fried, Contributor

Steve Jobs admits "we do not expect our industry to pick up anytime soon..."

Apple has reported a fourth-quarter net loss after writing down the value of a number of investments and taking a $4m restructuring charge. With the investment write-down, restructuring and other items, Apple posted a net loss of $45m, or 13 cents per share, on revenue of $1.44bn. That compares with a net profit of $66m, or 19 cents per share, on revenue of $1.45bn for the same quarter last year. Excluding items, Apple met expectations with a profit of $7m, or two cents per share. Analysts were expecting the company to post earnings of two cents per share, according to First Call. Revenue was expected to be about $1.435bn. Apple said it shipped 734,000 Macs during the quarter, down 14 per cent from the year-ago quarter. In July, Apple CFO Fred Anderson said the company expected revenue roughly flat with the prior quarter's $1.43bn, and a "slight profit" amid anticipated lower profit margins. Apple predicted only a modest improvement for the current quarter, which includes the holiday buying season. Apple CEO Steve Jobs said in a statement: "Looking forward, we do not expect our industry to pick up anytime soon, though we're hoping to help put a lot of iPods, iMacs and iBooks under trees this holiday season." Ian Fried writes for News.com
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