CacheFlow Posts Wider-Than-Expected Loss
CacheFlow
undefined
on Tuesday posted a wider-than-expected loss for its fiscal third quarter, less than a week after
warning that it would miss its quarterly revenue target.
The Sunnyvale, Calif.-based maker of appliances that accelerate and optimize the flow of data over the Internet said it lost 49 cents per share, more than the 44-cent loss expected by four analysts surveyed by
First Call/Thompson Financial
TheStreet Recommends
. CacheFlow lost 24 cents a share in the year-ago period.
The company said it would begin to implement a cost containment strategy first outlined last week, including the elimination of 10% to 15% of its workforce, which will result in a $2 million to $3 million charge in the fourth quarter.
The company also said the current quarter's results will likely result in a net loss of $14 million to $16 million.
CacheFlow shares were down 31 cents, or 2.2%, to $13.69 in recent
Nasdaq
trading.
