Apple paid the price of laying off a third of its workforce and acquiring Next Software on Wednesday, with a $708 million first quarter loss - worse than Wall Street had expected.
For the comparable quarter last year, the company lost $740 million. Revenue for this quarter fell 27 per cent to $1.6 billion from $2.2 billion. The results include a $155 million charge to pay for redundancies and $375 million which went on purchasing Next.
But even without the charges, Apple reported an operating loss of $186 million. Wall Street had expected an operating loss of $151.9 million.
Apple chairman Gil Amelio insisted that the company?s recovery was on track. "While the operating results are disappointing, we made significant progress toward executing our strategic plans during the quarter," he said.
Apple should have higher revenues and "a significantly reduced operating loss" in the second quarter, according to Fred Anderson, Apple's chief financial officer, who added that the company is sticking to its prediction of returning to profit in the fourth quarter.
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