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Journalism of Courage
Sun Microsystems Inc said on Friday it swung to a fourth quarter loss,as the computer server maker’s planned acquisition by Oracle Corp nears expected completion.
Sun,which is being acquired by the world’s No. 3 software maker for $7 billion,posted a fourth quarter net loss of $147 million,or 20 cents a share,in the fourth quarter ended June 30.
That compares with a net profit of $88 million,or 11 cents a share,in the year ago period.
Excluding items,Sun reported a loss of 3 cents a share.
Sun will post additional charges related to job cuts and facilities reductions over the next several quarters,the company said.
Sun reported a fourth quarter revenue of $2.63 billion,down from $3.78 billion a year ago.
Oracle expects to close its acquisition of Sun by Aug. 31 and the company won US antitrust approval last week for the deal. The takeover also requires approval by the European Commission.
Santa Clara,California-based Sun’s shares slipped 0.2 percent to $9.32 after closing at $9.34 on the Nasdaq.
The shares of Redwood City,California-based Oracle held steady after-hours after closing at $22.16 on the Nasdaq.
