Business Services Industry
Compaq Computer Warns of Quarterly Loss, Announces Restructuring.
Knight Ridder/Tribune Business News, June, 1999 by Mahoney, Jerry
Knight Ridder/Tribune Business News
Jun. 18 -- Compaq Computer Corp. quashed investor hopes that its executive house cleaning soon would restore profits when it warned Wall Street Thursday that it might lose $255 million, or 15 cents a share, in its second quarter.
Analysts were expecting profit of 20 cents a share, according to First Call Corp.
The Houston-based company tried to dilute the bad news by announcing a reorganization into three vertically integrated business divisions and plans to cut costs by $2 billion through layoffs and other measures.
Surprisingly, Compaq shares gained 25 cents to $22.50 on New York Stock Exchange trading, despite the earnings disappointment and little reason to believe the No. 1 PC maker would...
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