Fusion-io shares drop after Apple, Facebook delay SSD orders
Thursday, January 31, 2013 @ 5:53am
SSD maker Fusion-io has cut down its revenue forecast after Apple and Facebook delayed their orders. Forecasted revenue received for the year ending June 2013 has been changed to between $420 and $440 million from the earlier $521 million to $539 million estimate, the news of which caused Fusion-io share prices to drop 21-percent.
Of the $359 million in sales the previous financial year, Apple contributed a quarter of the figure, while Facebook makes up 30 percent of it, writesReuters. Fusion-io chief financial officer Dennis Wolf claimed the "change in our guidance reflects a two-quarter shift in the timing of their bulk purchases."
The company, with Apple co-founder Steve Wozniak employed as its chief scientist, earned a net income of $1.7 million for its second quarter, an improvement on the $5.7 million net loss in the same period the year previously. Before the 21-percent drop after the news was released, Fusion-io had seen its shares fall around 19 percent in value over a three-month period.
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