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posted by cmn32480 on Friday August 05 2016, @11:47AM   Printer-friendly
from the boil-the-crustacean-next-time dept.

Arthur T Knackerbracket has found the following story:

Cray has revealed that its products' Q2 profits have literally gone up in smoke.

The company this week announced second quarter revenue of US$100.2m, down from $186.2m in 2015's corresponding quarter. That dip meant the company incurred a loss of $13.1m compared to last year's $5.8m profit.

Things aren't going to be much easier in Q3, due to “a very recent electrical smoke event caused by a failed manufacturing facility power component that will delay the Company's ability to deliver on some customer contracts in 2016, including an impact on anticipated third quarter revenue.”

On the company's earnings call CEO Peter Ungaro said the smoke “damaged five relatively smaller customer systems that were being tested and prep[ped] for shipping, and for which we expected to achieve acceptances before the end of the year including some in the third quarter.”

“Some of these systems were key pieces of larger customer solutions,” he added. “And as a result, their impact to our overall revenue outlook was more significant than just the value of the revenue type to those systems themselves. This event just happened and we're still evaluating the full extent of the impact, as well as our recovery plan. But I want to note that the majority of the loss is expected to be covered by insurance."


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  • (Score: 2) by Bot on Saturday August 06 2016, @10:54PM

    by Bot (3902) on Saturday August 06 2016, @10:54PM (#384846) Journal

    Why are you making fun of my grandpa?

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