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News > Technology
3Com misses estimates
June 26, 2001: 5:06 p.m. ET

Sales drop 38% from year-ago period; loss 4 cents wider than expected
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NEW YORK (CNNfn) - Networking company 3Com Corp. missed fourth-quarter loss expectations, with sales falling nearly 38 percent from the same period a year ago.

The company said Tuesday sales were $468 million for the fourth quarter, with a net loss of $206 million, or 61 cents per share. Analysts surveyed by First Call expected the company to lose 57 cents per share.

"(To) reignite growth, we have structured our operations into three independent businesses that leverage our core strengths while providing customers with the products they want and need," said Bruce Claflin, 3Com president and CEO, in a statement.

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In May the company cut 3,000 jobs across-the-board, or 30 percent of its staff, in an effort to save $1 billion in annual costs.

Shares of 3Com (COMS: Research, Estimates) fell 24 cents to $4.60 in after-hours trading. graphic

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