Sun Microsystems? shares were hit on Friday as investors reacted to its warning that growth could weaken in the second half of 1999 due to slowing computer spend as a result of the Year 2000 problem.
The hardware supplier?s stock closed down $5.5 per share at $54.9375, following its announcement on Thursday of third quarter results that beat Wall Street?s expectations by a penny (see VNU Newswire, 16 April, 1999).
Michael Lehman, Sun?s chief financial officer, said he expected growth for the current quarter to continue at rates of between 18-19 per cent, but warned analysts to be more conservative in their earnings estimates for the second half of the year.
Although analysts took the warning seriously, they also noted that Sun had a history of making conservative financial projections, and indicated that the firm had hired 1,300 new staff during its third quarter so it could not be as worried as its statements might project.
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