Inktomi to miss earnings forecast

NEWS Shares in the Nasdaq-listed firm fell 27 per cent after the company said first quarter sales missed forecasts due to customers cancelling orders for its software. In a statement David Peterschmidt, president and chief executive officer of Inktomi, said: "The current conditions in the US capital markets and the broader economy have resulted in a slowdown in infrastructure spending. Accordingly, we are adjusting our estimates for the current quarter." The results for the first quarter and information on the company's expectations for fiscal year 2001 will be reported on January 18, 2001. Inktomi shares were trading at $15.12 at the time of publishing, down from a 52-week high of $241.50.