CommTouch Software to Cut Jobs, Lowers Fourth-Quarter Guidance
Shares of CommTouch Software (CTCH) plummeted after the company said it will eliminate 20% of its work force and miss previous expectations for the fourth quarter.
The company lost $1.84, or 47.6%, to $2.06 in recent Nasdaq trading.
CommTouch said revenue for the fourth quarter will be between $5.5 million and $6 million. CommTouch didn't give specifics about the bottom line, but four analysts polled by First Call/Thomson Financial were calling for the company to lose 24 cents a share for the quarter.
The company said it has initiated several changes to improve operations, including a reduction in operating expenses and closing its e-commerce division and email service for small community sites.The company said it expects to reach profitability by the fourth quarter of 2001.
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