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What did Enron announce about its third-quarter loss in October 2001?

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The Enron logo with red, green, and blue illuminated bars stands outside the company's headquarters above a sign reading 1400 Smith Street.
Enron scandal The Enron logo outside the company's headquarters, Houston.

In October 2001, Enron Corporation shocked investors by announcing that it would post a $638 million loss for the third quarter. Additionally, the company stated it would take a $1.2 billion reduction in shareholder equity, a move attributed in part to the partnerships overseen by Andrew Fastow.1