By Sonya Rabbitte, 20 July 2001 14:40
NEWS Commerce One has missed lowered second quarter expectations despite writing off $2bn in acquisition costs. Operating loss, excluding the one-off $2bn write-off, stands at $70.2m or 31 cents a share, a significant increase on the same quarter last year. Loss for Q2 2000 was $16.2m or ten cents a share. At $101.3m, second quarter revenue was up 61 per cent on the same quarter 12 months ago, but dropped 41 per cent on first quarter 2001 results. Revenue estimates were lowered earlier this quarter to between $110m and $120m, down from original second quarter forecasts of $162m. In a conference call last night, Commerce One CEO Mark Hoffman, said the company had been hit by a slowdown in the European market, extended sales cycles and a surplus of competitors in the professional services sector. Commerce One shares fell over 17 per cent this morning. The company has said it expects the outlook for the next quarter to remain 'flat' and has pushed forward its break even target to Q2 2002.
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