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Inktomi (INKT - Cramer's Take - Stockpickr) said Monday its second-quarter revenue and earnings would fall below expectations and that it would reduce its workforce by 25% through layoffs and attrition. The maker of Internet infrastructure software said it expects second-quarter revenue in the range of $36 million to $38 million, well below the $63.35 million consensus estimate of 17 analysts who cover the firm, according to Thomson Financial/First Call. The company forecasts a pro forma loss, excluding its recently divested e-commerce business and other items, of 23 cents to 25 cents per share, sharply higher than analysts' consensus estimate of a 4-cents-a-share loss. Inktomi will report second-quarter results on April 19. The company said it will take a restructuring charge, primarily for severance and related costs, in its third quarter. Shares of Inktomi closed Monday at $6.22, down 43 cents, or 6.5%, in regular-session Nasdaq trading.
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