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 SAN DIEGO (AP) - Gateway Inc. said Monday that it swung to a second-quarter profit but the nation's third-largest personal computer company cut revenue and earnings estimates for the year. Company shares fell in late trading.
Gateway earned $17.2 million, or 5 cents a share, compared to a loss of $338.6 million, or 91 cents a share, the same period last year, marking its first profit in 13 quarters. The latest period includes restructuring charges of $1 million and a $15.1 million benefit from a marketing and legal settlement with Microsoft Corp. The 2004 period included a $289 million restructuring charge, largely for costs associated with the store closures and job cuts.
Analysts polled by Thomson Financial projected a profit of 2 cents a share.
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