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Apple Hints It May Miss Profitability Goal

May 13, 1997|(Bloomberg News)

Apple Computer Inc. suggested its long-awaited return to profitability may take longer than the company hopes. The Cupertino-based PC manufacturer, which has been struggling with falling sales and concern about its software strategy and future, is striving to report a net profit for the fiscal fourth quarter that ends Sept. 30. Apple has already said it will post a loss for the third quarter ended June 30. However, in a filing with the Securities and Exchange Commission, Apple said losses could extend into the fourth quarter as well. In discussing its cash reserves, Apple said in the report that it may have to fund a net loss for "at least" the next quarter. By saying "at least," Apple raised the possibility that the fourth quarter may show a loss as well. Apple shares rose 50 cents to close at $17.56 in Nasdaq trading.

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