Networking equipment maker 3Com has reported its fiscal third-quarter earnings. And the news wasn't good.
Blaming a downturn in demand for its products among US users, 3Com said revenue in the quarter ended March 2 came in at $US629.6 million, down 18 percent from $766.7 million in the same period a year ago. The company reported a pro forma net loss of $122.8 million for the third quarter, compared with a year-earlier profit of $80.3 million.
3Com also disclosed further details about a planned restructuring that began last month when the company reduced its workforce by 10 per cent. On Wednesday 3Com said it plans to focus more on core businesses and move to further cut costs in an effort to chop its annual spending by a total of $1 billion.