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Acer sees worse-than-expected Q2 losses to the tune of $234.2 million

Acer sees $234.2 million Q2 losses, "worse-than-expected"

| Business, Financial & Legal News | Posted: Aug 25, 2011 3:00 am

Acer has posted their first loss in the history of the company, and has also said it will be impossible to break even for the full year. Acer has been a force to be reckoned with in the low-cost notebook market, but the iPad has cut into PC sales more than expected and has hurt their profits, bad. Acer has since refocused on mobile devices to drive growth a first half that saw the departure of its chief executive following a row over the company's strategy and a series of cuts to its shipment forecasts.

 

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Acer shares were down 2.92-percent on Wednesday, ahead of the earnings announcement. Chairman J. T. Wang told an investor conference that the second-quarter was a "correction period" and the losses were more than expected as Acer cleared up excessive inventory and made severance payments for senior management resignations. Wang said "Today I have to say, trying to break even this year becomes impossible."

NEWS SOURCE
Reuters.com

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