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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"

By Anthony Garreffa from Aug 24, 2011 @ 22:00 CDT

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 SOURCES:Reuters.com


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