Sun says Q4 will be roughly on the mark

Sun Microsystems announced preliminary financial results Tuesday that are roughly in line with analyst estimates, sending its stock higher.

Sun Microsystems gave an early look at its fourth-quarter financial results on Tuesday, reporting figures that were roughly in line with analyst forecasts.

The news pushed Sun's share price up almost 14 percent to US$10 in after-hours trading. The stock had closed a day earlier at US$8.78, close to its 52-week low.

Sun said revenue for the quarter ended June 30 will be in the range of US$3.73 billion to US$3.80 billion, or roughly in line with the consensus analyst forecast of US$3.8 billion, according to Thomson Financial. The preliminary figures are lower than those from a year earlier, when Sun's revenue was almost $3.84 billion.

Net income per share will be in the range of $0.25 to $0.35, Sun said, which compares to the consensus analyst forecast of US$0.27. The figures exclude a restructuring charge of about $100 million and other one-time items. Including those items and using Generally Accepted Accounting Principles, Sun said it expects earnings per share of $0.05 to $0.15.

"In these difficult economic times, we continue to see customers across the world look to open software and hardware as a source of savings, and feel Sun is well positioned with our most robust line ever of server, storage, software and service offerings," Sun CEO Jonathan Schwartz said in a Sun statement.

The company is due to report its full results on Aug. 1.

Sun's shares have been taking a battering as the company struggles to grow its revenue. Last quarter's revenue declined by 0.5 percent to US$3.27 billion, and Sun said it would lay off 2,500 workers, or about 7 percent of its workforce.

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