Cambridge Technology Partners
warned this morning of lower-than-expected fourth-quarter revenue and earnings due primarily to continued weakness in its North American electronic business market.
The technology consulting company, which said it plans to further reduce capacity to meet current market demand, also said it had cut about 280 jobs and would take a charge of $4 million to $5 million in the quarter.
The Cambridge, Mass., company said today it expects a fourth-quarter operating loss of $19 million to $21 million before restructuring charges. It did not say what its previous forecast was, nor did it provide any earnings-per-share figures. Nine analysts polled by
First Call/Thomson Financial
have called for a fourth-quarter loss of 11 cents a share, compared with a loss of 52 cents a share in the same period last year.
Cambridge said it sees fourth-quarter revenue of about $127 million to $129 million, compared with $145 million a year ago. Analysts on average expected $147.1 million.
Shares of the company recently fell 25 cents, or 9.5%, to $2.38 in morning trading on the
. Its shares have a 52-week low of $1.38 and a 52-week high of $25.38.