Gateway Reports Massive Loss, Sticks by Second-Half Targets

Gateway (GTW Quote), as promised, delivered a first-quarter bottom line that fell dramatically from the year-ago period, but the company stuck by its prior guidance for the rest of the year.

For the quarter ended March 31, the company lost $503 million, or $1.56 a share, including pretax charges of $533 million and $24 million in costs associated with an accounting change. The company earned $120 million, or 36 cents a share, a year ago. Excluding the charges, Gateway lost $79 million. According to Thomson Financial/First Call, analysts expected the company to lose a penny a share for the period, but Gateway didn't provide a per share figure before the items. ...