NEW YORK (CNN/Money) - Sun Microsystems Inc. lowered its revenue guidance for the current quarter Thursday evening, saying it had seen some continued worsening in information technology spending during the first eight weeks of the period.

Chief Financial Officer Steve McGowan told investors during a conference call that the revenue in its fiscal first quarter, which ends in September, would be about the same as the first quarter a year ago, when it posted revenue of $2.86 billion. That would be less than the consensus analyst forecast of $3.07 billion, as well as slightly below the bottom end of its previous guidance, which called for a 10 to 15 percent decline from fiscal fourth quarter revenue of $3.4 billion. A 15 percent decline would have come to $2.89 billion.

"We have not seen any improvement in the current IT spending environment. In fact, some would say it may actually be worsening," McGowan said. "We have seen certain situations where large-project spending has been delayed."

McGowan said the company's overall gross margin rate should remain unchanged from the fiscal fourth quarter, and that the company remains on target to reduce 1,000 jobs by December, as previously announced. He suggested that without an improvement in spending, further cuts may be necessary in the next calendar year.

"We're not pleased with the economy, the IT spending, the revenue, the impact on margin," he said. "If this situation continues going forward and we take a look at the second half of the year and things are not improving, we'll take the necessary next steps in looking at what we need to do."

He did not give any new guidance on earnings, other than leaving unchanged the company's previous guidance that the company expected a slight loss in the first quarter. Analysts surveyed by earnings tracker First Call forecast a loss per share of 1 cent, with a range of estimates from breakeven to a loss of 2 cents a share. The company lost 5 cents a share excluding special items in the year-earlier period.

He also said it was too early to give any new guidance for fiscal second-quarter results.

Shares of Sun fell to $3.75 in after-hours trading from their $3.83 close.