Commerce One axes a third of its staff

NEWS Commerce One plans to axe 30 per cent of its workforce after posting disappointing first quarter results, leaving the company with 1,100 staff. Revenues for the quarter ending 31 March fell to $31.8m - down from $56m in the last quarter and $170.3m in the same period last year. Pro forma net loss for the quarter was $55.4m, compared with $66.5m in the last quarter - though well up on $24m for the corresponding quarter last year. Commerce One shares closed up 10.24 per cent yesterday at $1.40 on the Nasdaq. In Munich, shares traded 7.45 per cent up this morning at E1.65 (£1.01p).