Faced with sluggish PC demand and a slumping dollar, Apple Computer has trimmed the price of flat-panel iMacs in the United Kingdom.
The low-end model now sells for 1,149 pounds ($1,792.53), a 100-pound price cut. The mid-range version, which comes with a combination drive that can burn CDs and play DVD movies, now sells for 1,349 pounds ($2,104.55), a 50-pound price cut.
The move is a partial retreat from price hikes the company made in March for the iMac line, a move the company said was necessitated by rising costs for memory and flat screens. Initial demand for the iMac was strong despite the hike, although analysts began commenting in June that the market appeared to be flattening out. Apple introduced the machines, which resemble a desk lamp, in January.
Apple had already cut the price of its top-of-the line 15-inch model when it introduced an iMac with a 17-inch flat panel display at last month's Macworld Expo in New York.
News source: ZDNet
View: The Full Story
The low-end model now sells for 1,149 pounds ($1,792.53), a 100-pound price cut. The mid-range version, which comes with a combination drive that can burn CDs and play DVD movies, now sells for 1,349 pounds ($2,104.55), a 50-pound price cut.
The move is a partial retreat from price hikes the company made in March for the iMac line, a move the company said was necessitated by rising costs for memory and flat screens. Initial demand for the iMac was strong despite the hike, although analysts began commenting in June that the market appeared to be flattening out. Apple introduced the machines, which resemble a desk lamp, in January.
Apple had already cut the price of its top-of-the line 15-inch model when it introduced an iMac with a 17-inch flat panel display at last month's Macworld Expo in New York.
News source: ZDNet View: The Full Story
LONG-TERM 'STRONG BUY'
He maintained his long-term "strong buy" rating, however, noting Adobe's leadership in its sector, profitability and long term business strategy.
Credit Suisse First Boston also cut its third-quarter, fourth-quarter and full-year 2003 estimates, and lowered its 12-month price target on Adobe to $28 from $40.
Adobe cut its revenue forecast to between $270 million and $290 million, about 10 percent lower than its previous forecast range of $300 million to $320 million.
It said its pro forma earnings per share, which exclude restructuring charges, amortization of goodwill and other charges, would be 18 cents to 23 cents in the three months ending Aug. 30, compared with the original target of 24 cents to 27 cents made last month.
Analysts polled by Thompson First Call on average had projected earnings, before goodwill, of 25 cents per share for the quarter, on revenue of $310 million.
Adobe, which makes software to create and view digital documents and images, spooked investors last month when it reported that second-quarter net income had fallen 11 percent and that sales had shrunk 8 percent from a year earlier.
Analysts said at the time that Adobe was insulated because its products cost a couple of hundred dollars and sell to a variety of different customers, unlike larger software makers who depend on corporate sales at a time when information technology budgets are tight.
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