Doom and gloom for Fujitsu?

Patiently waiting for technology and bioscience companies to publicly announce their financial records is a sort of hobby for some tech journalists.  As I begin to dive further into tech and science journalism, I discovered that I am also becoming more interested in the profits and projections a company files.

Japanese electronics maker Fujitsu announced that its profits tumbled during the first half of fiscal 2008, dropping 62 percent from July to September.  Is this the beginning of the end for Fujitsu?  Hardly.

As the company transitions from microchips and physical hardware more towards IT consulting services aimed at businesses, the company remains dedicated to a 65-billion annual financial outlook.

Fujitsu received a further beating after a tax increase in the United Kingdom - stemming from a "write-down of assets that came about from a change in the tax rate there."

Even though a 62 percent drop seems to be a rather serious event that should have people on Wall Street curious, Fujitsu said the drop was mainly caused by a new accounting practice that is taking place internally.

"If there had been no change in our accounting practices, we would have posted a net profit," said Masamichi Ogura, Fujitsu executive vice president.  "Prices of hard disc drives for use in notebook PCs continued to drop notably.

Fujitsu wants to expand in markets in the United States and Europe -- and the company continues to promise new storage products for PCs and notebooks.  The Fujitsu MHZ2 BH series notebook hard drive will offer users a whopping 320GB of storage.

"We shipped it on Saturday. Then on Sunday, we rested." -- Steve Jobs on the iPad launch

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