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Sun Microsystems profit falls, expands buyback

BOSTON
Fri Aug 1, 2008 7:49am EDT

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General view of the Sun Microsystems offices in Menlo Park, California, September 20, 2007. REUTERS/Kimberly White

BOSTON (Reuters) - Sun Microsystems Inc (JAVA.O), the world's No 4 business computer maker, reported lower quarterly profit on Friday, as it took restructuring charges in the face of a weak U.S. economy.

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The company also said its board authorized an additional repurchase of up to $1 billion of Sun's outstanding common stock.

The company reported fiscal fourth-quarter net income of $88 million, or 11 cents per share, compared with $329 million, or 36 cents, a year earlier.

Revenue fell 1.4 percent to $3.78 billion.

Sun reported profit excluding items of 35 cents per share.

The results were at the high end of preliminary estimates the company released on July 15.

At that time the Santa Clara, California company said it expected fourth-quarter profit excluding items of 25 cents to 35 cents. It also said that it expected to report revenue ranging from $3.73 billion to $3.8 billion.

(Reporting by Jim Finkle; Editing by Derek Caney)
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