Apple loses $161 million

Citing sluggish demand for its products overseas, Apple Computer posted a $161 million loss. This compares to a suspicious $25 million gain for the same quarter a year ago.  Included in the loss is a $62 million charge for restructuring and a $75 million write-off for its purchase of Power Computing's Macintosh business, however, making the loss less dire. Apple's revenues slid 30% from a year earlier to $1.6 billion (and 7% from the previous quarter).

Apple CFO Fred Anderson issued a statement stating that Apple is on the road to recovery.

"We remain focused on our primary goal of returning Apple to sustainable profitability. Our goal for fiscal 1998 is to continue to reduce Apple's break-even point through a combination of further expense reductions and gross-margin improvements."

Anderson also mentioned that MacOS 8.0 has sold 2 million copies since its July introduction, a record sales rate.

Unfortunately, the executive exodus at Apple continues, with two vice presidents resigning today. Interim CEO Steve Jobs said that he didn't expect the defections to cause problems for Apple

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