), but maintained its hold investment rating on the computer maker.
Apple posted a first quarter earnings per share loss of $0.73 compared to $0.51 a year ago on a 57% decline in revenue. Analyst Kevin McCarthy noted the loss is slightly worse than Wall Street's expectations. However, revenues were in line with the consensus view.
McCarthy also said the company is reducing channel inventories to 5.5 weeks, down from 11 weeks two months ago. The analyst also said personal computer channels overall are in decent shape, but low-end product demand remains a problem.
The analyst lowered his fiscal 2001 breakeven earnings per share estimate to a $0.15 loss, and his fiscal 2002 earnings per share to $0.80 from $1.10.