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Acer quarterly net profit misses estimates by wide margin

updated 09:39 am EDT, Mon October 22, 2012

Lower profit suggested due to Forex, tax rates

Acer has released its third quarter financial results, with its quarterly net profit of NT$68 million ($2.3 million) below that of a number of estimates. Reasons for the lackluster earnings were not forthcoming from the company, though it was noted that the profit is higher than the NT$56 million ($1.9 million) reached in the second quarter, and better than the net loss of NT$1.1 billion ($37 million) endured in Q3 2011.

A poll of 18 analysts by Reuters suggested an average net profit figure of NT$756 million ($26 million). Reasons ranging from a Forex loss of over NT$100 million ($3.4 million), a 34-percent tax rate, and a continued struggle to sell PCs in a market that is leaning towards buying tablets instead.

Consolidated revenues for the quarter were NT$104.4 billion, a drop of 5.6 percent from last quarter, but an increase of 11.4 percent compared to last year. Shares dropped 0.92 percent before the results were announced. The company will reveal more details on its earnings and an outlook to the coming months on Thursday.




by MacNN Staff

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