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Apple to Lose $700 Million

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Apple to Lose $700 Million — In a press release last week, Apple CEO Gil Amelio announced that Apple anticipates posting a net after-tax loss of about $700 million for the second fiscal quarter. About half of the charges are related to inventory write-downs and another quarter to restructuring charges. Amelio said, "I’m confident at this point that I know what the problems are and that they are fixable," and he said that Apple would begin to articulate recovery plans in early May. [ACE]

<http://product.info.apple.com/pr/press.releases /1996/q2/960327.pr.rel.outlook.html>

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