Struggling boxmaker

Gateway

(GTW)

posted a loss of $61 million, or 19 cents per share, for the second quarter of 2002, according to generally accepted accounting principles.

Those results were slightly below Street expectations of 17 cents.

The company saw revenue of $1 billion, compared to consensus expectations of $987.8 million.

Last quarter Gateway posted sales of $992 million and a loss of 39 cents.

It sold 651,000 units, a slight sequential increase and an 18% decrease year over year on a comparable basis.

The company said in a statement that its performance was "consistent with guidance and represents sequential unit growth, which is a reversal of the normal seasonal decline of 7%." It said it had not seen sequential unit growth in the second quarter since 1997. The company said it expected its loss to improve modestly in the coming quarter and it reiterated its guidance for $4.5 billion to $5 billion in revenue for full-year 2002.

It said its average unit price increased slightly to $1,544 during the quarter, compared to $1,538 in the first quarter.

Gateway's largely unimpressive results follow a similarly

lackluster showing from competitor

Apple

(AAPL) - Get Report

, the first computer maker to report this season. Earlier this week, Apple met reduced estimates and predicted revenues would remain flat in its next quarter.

HP

(HPQ) - Get Report

and

Dell

(DELL) - Get Report

, which command the majority of the PC market, won't report earnings until next month.

Shares of Gateway are currently hovering near 52-week lows, 77% off its highs for the year. Thursday the stock gave up 0.5%, losing 2 cents to close at $3.64 Thursday. It was flat in after-hours trading.