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. Last Updated: 07/27/2016

Apple Predicts $700 Million Quarterly Loss

CUPERTINO, California -- Apple Computer Inc. said Wednesday it expects to report a net loss of about $700 million for the current quarter, but its new chairman said the struggling company's problems are "fixable."

Apple said more than half the loss will be related to inventory writedowns and about one-fourth to restructuring charges.

"I'm confident at this point that I know what the problems are and that they are fixable," said Apple's new chairman and chief executive, Gilbert Amelio, in his first public statement on the company's financial straits.

"We plan to aggressively address these issues and take the necessary corrective actions. We will begin to articulate our plans by early May," he said.

A dour earnings outlook was expected for the company's second quarter, which ends March 29, but the scale of the charges had not been previously disclosed.