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Short Take: Adaptec posts revenue drop

Adaptec posted a 48-percent revenue drop for the second quarter, due to Asian economic turmoil and high inventory in the storage sector. Revenues fell to $144 million, down from $278 million a year ago. The company posted profits of $143,000, or 0 cents a share (excluding charges), compared with $62,719, or 52 cents a share, a year ago. Analysts expected a loss of 2 cents.

Adaptec posted a 48-percent revenue drop for the second quarter, due to Asian economic turmoil and high inventory in the storage sector. Revenues fell to $144 million, down from $278 million a year ago. The company posted profits of $143,000, or 0 cents a share (excluding charges), compared with $62,719, or 52 cents a share, a year ago. Analysts expected a loss of 2 cents.