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BEA warns, cuts jobs
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November 1, 2001: 4:58 p.m. ET
BEA Systems expects to miss third- and fourth-quarter earnings targets.
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NEW YORK (CNNmoney) - BEA Systems said Thursday it will miss both third- and fourth-quarter earnings expectations for fiscal 2002 and is cutting 9-to-10 percent of its work force.
BEA (BEAS: Research, Estimates), which provides e-business infrastructure software said preliminary results show third-quarter earnings before certain items of 5-to-6 cents per share, with revenue of $217 million-to-$221 million.
Analysts surveyed by First Call on average were expecting the company to earn 8 cents per share with revenue of about $254 million.
The company also said its fourth-quarter earnings before certain items of 6-to-7 cents per share, below Wall Street's forecast of 9 cents per share, blaming the "continued weakness in the macroeconomic environment."
As part of cost cutting measures BEA plans to cut about 270-to-300 jobs and will take a $110 million restructuring charge in the third quarter and about $15 million-to-$20 million in the fourth.
Shares of BEA Systems fell 10 cents to $11.60 in after-hours trading. 
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