Short Take: StorMedia expects Q2 loss
StorMedia said it expects to post a loss in the second quarter that is "significant," yet less than the loss reported in the year-ago quarter. As a result, the supplier of thin film disks for PC hard drives said it had completed a financial restructuring and would temporarily close a factory, reducing staff by 300. Analysts expected the company to report a loss of 45 cents per share in the second quarter ended June 26.
Mike Ricciuti Staff writer, CNET News
Mike Ricciuti joined CNET in 1996. He is now CNET News' Boston-based executive editor and east coast bureau chief, serving as department editor for business technology and software covered by CNET News, Reviews, and Download.com. E-mail Mike.
said it expects to post a loss in the second quarter that is "significant," yet less than the loss reported in the year-ago quarter. As a result, the supplier of thin film disks for PC hard drives said it had completed a financial restructuring and would temporarily close a factory, reducing staff by 300. Analysts expected the company to report a loss of 45 cents per share in the second quarter ended June 26.