NEW YORK (AP) ¿ China-based Sutor Technology Group Ltd. said Friday its fiscal first-quarter net income plunged sharply as lower selling prices slashed profit margins. For the three months ended Sept. 30, net income dropped 95 percent to $500,676, or 1 cent per share, compared with $10.9 million, or 29 cents per share, in the year-earlier period. Revenue fell 4.8 percent to $123.8 million from $130.1 million. The decreased margins reflect the steel products maker's "strategic decision to reduce the per unit sale price to retain market share and attract new customers, as well as a larger proportion of smaller orders, we received in the first fiscal quarter 2010, which generally had higher costs as compared to that of large orders," Sutor said in a statement. In afternoon trading, the stock fell 27 cents, or 8.9 percent, to $2.77.
More from Technology
Microsoft, Intel and Others Benefit from Better-Than-Expected Business PC Sales
Though CPU shortages are still an issue for the PC industry, an uptick in business PC demand is helping out a number of firms.
Visa, Mastercard, eBay and Stripe All Pull Out of Facebook's Libra
The moves follow PayPal's withdrawal last week.
Amazon Earnings May Not Impress, But Here's Why the Stock Could Still Be a Buy
Amazon Web Services remains a huge bright spot for the stock, analysts say.
SAP's Revenue Growth - and Transparency - Compares Favorably with Oracle's
Unlike archrival Oracle, SAP is reporting solid top-line growth and is comfortable breaking out its cloud revenue.
Okta Eyes Big Enterprises With Security, Access Management Tools
Okta is rolling out a new slate of access management and security offerings. Okta CEO Todd McKinnon discusses the latest developments with TheStreet.