3Com Loss Widens as Expected, Job Cuts

Networking parts maker 3Com Corp. on Wednesday reported wider first-quarter losses that were roughly in line with expectations and said it would cut by November 1,000 more jobs than it had expected in its restructuring plan.

Excluding one-time charges, 3Com said its loss widened to $132 million, or 38 cents per share from a pro forma loss of $41.3 million, or 12 cents per share, in the year-earlier quarter. 

The Santa Clara, California-based company said revenue for the quarter ended in August fell to $390 million from $933.7 million a year ago and $468 million in the previous quarter. 

Analysts polled by Thomson Financial/First Call had predicted the company would post a loss of between 25 and 45 cents per share, with an average estimate of a 35-cent loss for the first quarter.