March 21, 2001, 12:19 PM — Networking equipment maker 3Com Corp. today reported its fiscal third-quarter earnings this morning. And the news wasn't good.
Blaming a downturn in demand for its products among U.S. users, 3Com said revenue in the quarter ended March 2 came in at $629.6 million, down 18% from $766.7 million in the same period a year ago. The company reported a pro forma net loss of $122.8 million for the third quarter, compared with a year-earlier profit of $80.3 million.
3Com also disclosed further details about a planned restructuring that began last month when the company reduced its workforce by 10%. Today, 3Com said it plans to focus more on core businesses and move to further cut costs in an effort to chop its annual spending by a total of $1 billion.