Sun Q4 profit falls 73%

Posted by AP via Yahoo

Sun Microsystems' profit plunged 73% in the most recent quarter as slumping sales to big U.S. companies and restructuring charges weighed on the server and software maker. The Santa Clara, Calif.-based company also revealed plans Friday to expand its stock buyback program by $1 billion, a sign Sun believes its shares, which have fallen by 50% over the last nine months, are undervalued and poised to rebound.

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