APPLE PLANS MORE LAYOFFS AFTER SECOND-QUARTER LOSS.Byline: Margaret Margaret, 1930–2002, British princess, second daughter of King George VI and sister of Queen Elizabeth II, b. Glamis, Scotland. In 1960 she married a commoner, the photographer Antony Armstrong-Jones, who was created earl of Snowdon in 1961. D. Williams Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. Business News Apple Computer Inc. reported a $740 million loss in its fiscal second quarter as sales dropped 17 percent and the No. 3 PC maker said it would fire more than twice as many workers as previously planned. Apple, which warned of its financial plight last month, said its loss from operations was $220 million, or $1.70 a share, excluding inventory writedowns and a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . ``It looked pretty ugly,'' said portfolio manager Marian Kessler of Crabbe Huson Group, which owns about 1 million Apple shares. She said she was particularly concerned about the company's cash position. ``They don't have a whole lot of time to address their problems.'' Apple's cash on hand and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments plunged to $592 million as of March 29, about half the $1.1 billion at the end of December. The company took inventory writedowns totaling $388 million to shed excess inventory and a restructuring charge of $130 million. The bottom-line loss for the three months ended March 31 was $5.99 a share, compared with net income of $73.0 million, or 59 cents, in the year-ago quarter. Sales declined to $2.19 billion from $2.65 billion. Apple's shares fell -5/8 to 25-1/4 on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . In trading after the close, Apple's shares rose as high as 25-5/8. The Cupertino, Calif.-based computer maker said it expects to fire a total of 2,800 people during the next 12 months, more than double the 1,300 firings it announced in January. The 2,800 figure doesn't include 1,100 workers at Apple's plant in Colorado that is being sold to SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. Systems Inc. All told, job cuts will amount to 30 percent of its total full-time workers. At the end of fiscal 1995, Apple had 13,191 workers. |
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