Cognex Q2 Net Down 173%
Revenue at Natick-based Cognex Corp. plunged by 39 percent in the second quarter and the company reported a net loss nearly twice that of the first quarter.
The machine vision sensor manufacturer reported second quarter revenue of $41 million, down from $67.1 million in the second quarter of 2008 and $42.3 million in the first quarter.
The company reported a $6.4 million loss for the quarter compared to an $8.8 million profit the prior year and a $3.4 million loss for the first quarter.
The company said the quarter's results were "disappointing," but added that it has cut operating costs significantly and after a sharp decrease in customer demand, order rates appear to be stabilizing. The company said it expects to report a smaller loss for the third quarter as it reduces operating expenses by between 5 percent and 8 percent.
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