October 8, 2002 4:59 PM PDT

Inktomi cuts 20 percent of work force

Inktomi, a former technology highflier whose products help speed the delivery of Internet content, announced Tuesday it is cutting about 20 percent of its work force.

The Foster City, Calif.-based company will eliminate 85 positions by the end of the year, leaving it with 300 employees. Last year, the company trimmed its staff by 18 percent.

"Current economic conditions in enterprise software mandate that Inktomi further adjust its cost structure to move towards cash flow breakeven performance," David Peterschmidt, president and chief executive, said in a statement.

"Inktomi's focus remains steady on providing search solutions for the Web and enterprise markets as we continue to see long-term growth potential for our products."

On Oct. 24, the company plans to report fourth-quarter revenue of about $20 million, in line with analysts' expectations. Inktomi expects a pro forma loss of 5 cents to 7 cents a share.

Inktomi's shares traded at 31 cents at the close of regular trading Tuesday. In after-hours trading, shares fell to 24 cents. At their peak, Inktomi shares were worth more than $200 per share.

 

Join the conversation

Add your comment

The posting of advertisements, profanity, or personal attacks is prohibited. Click here to review our Terms of Use.

What's Hot

Discussions

Shared

RSS Feeds

Add headlines from CNET News to your homepage or feedreader.