Published: 22 July 1998 17:49 GMT
Computer Associates shares fell by over 30 per cent on Wall Street today, after the company warned that Asian turmoil and a corporate tendency to spend on the Y2K problem rather than on software may have an adverse short-term effect on business.
CA's share price reached $38.25, down from the previous day's close of $57. The fall occurred despite positive Q1 results, which beat analyst estimates by 1 cent a share.
Charles Wang, chief executive of CA, remained optimistic, claiming it was a "very exciting quarter". The company suffered a one-off charge of $675m after tax to stock issuance under the 1995 key Employee Stock Ownership Plan.
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