Sun Microsystem Admits its Loss of $ 1.7 billion

Sun Microsystems Conceded a $1.7 billion loss for its latest quarter on Thursday as the maker of servers and business software wrote down the value of the company because of the slow economy and the huge decline in its stock price. The Financial Industries are one of the Greatest customer of their firm. ” The economic downturn continued to weigh on our customers, especially those that contribute to our traditional high end businesses, ” said Jonathan Schwartz, CEO. The Santa Clara, California  based company lost $1.68 billion, in its fiscal first quarter, which ended Sept. 28. Sun as a total it lost 9 percent share. Over all sun is under the fall as it lost between 25 cents and 35 cents per share in the quarter. Again on Thursday shares rose 46 cents, or 9.5 percent,  to close at $5.29.

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