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Sun Microsystems has posted its first quarterly loss in 12 years, despite a growth in annual revenues of 16 per cent.

For the fiscal year 2001, Sun reported revenues of $18.25bn (£12.8bn), up from $15.72bn the previous year. But in the final quarter, revenues dropped to $4bn compared with $5.02bn for the same period last year. It resulted in a quarterly net loss of $88m.

In a statement, Scott McNealy, CEO of Sun, remained upbeat about the results, "Despite unprecedented economic challenges, during the year we continued to take share from our principal competitors."

There were no predictions from Sun over its future performance but he did admit it may be suffering from the proliferation of Sun equipment on the second-hand market as failed dotcoms offload their equipment.

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