posted a loss in its second quarter that was slightly narrower than analysts' forecasts, though it still represented a serious deterioration from its year-ago profit.
The network equipment maker said that before unusual items it lost $99 million, or 3 cents a share, on revenue of $3.1 billion in the quarter. Analysts were predicting a loss of 4 cents a share. In the year-ago quarter, the company earned $494 million, or 15 cents a share, on sales of $5.1 billion.
The Santa Clara, Calif., company said bookings and revenue rose sequentially in the second quarter, and that it cut inventory by $200 million in the quarter.
The company posted a bottom-line loss of $431 million, or 13 cents a share, which included charges of $39 million on its equity portfolio and restructuring charges of $511 million.