3Com slashes 1,000 more jobs as losses deepen

NEWS 3Com has announced another 1,000 jobs are to go before November as it announced losses over and above forecasts. However, the company claims its situation is steadying and it expects to return to profitability in the fourth quarter. First quarter net losses sat at $132m or 38 cents per share, compared to a loss of $41.3m or 12 cents per share in the same period last year. Revenues for the period were $390, compared with $933m 12 months ago. Net losses including one-time expenses were $232m or 67 cents per share, although according to a company spokesperson, its two US units for the enterprise market reached revenue targets for the first time. The Financial Times noted that 3Com's telecoms unit has not experienced a substantial steady decline in sales since that industries problems began in earnest earlier this year.