Cray shares slide 4% after company backs forecast for 'substantial' loss in 2018, 2019 [MarketWatch]
CRAY (CRAY)
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Source: MarketWatch
Cray shares slide 4% after company backs forecast for 'substantial' loss in 2018, 2019 Supercomputer maker Cray Inc.'s shares CRAY, -6.41% slid 4% in premarket trade Monday, after the company said it still expects a 'substantial' loss in 2018 and 2019 as it continues to transition toward next-generation technology. The company also offered sales guidance that was below consensus. Cray is expecting 2018 revenue of about $450 million, compared with a FactSet consensus of $450.6 million. For the first quarter of 2019, it expects revenue of about $70 million, below the FactSet consensus of $87.6 million." While our core market continues to show signs of a rebound, we expect to grow modestly in 2019 as we transition to our next generation Shasta supercomputer systems late this year and a significant number of large opportunities are slated for delivery in 2020 and beyond," Chief Executive Peter Ungaro said in a statement. Shares have fallen 16.4% in the last 12 months, while the S&P 500
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