New Focus Beats Loss Estimate, to Cut 35% of Workforce

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New Focus

(NUFO)

, a maker of optical networking equipment, reported better-than-expected third-quarter results and set plans to trim its global workforce by 35% over the course of the next year.

The San Jose, Calif., company said it will take a restructuring charge in the fourth quarter to account for the layoffs. New Focus posted a third-quarter loss of 24 cents a share, narrower than the consensus estimate of 26 cents a share. Its shares closed at $3.03 Wednesday.

The company expects to lose between 19 cents and 23 cents a share in the fourth quarter and foresees difficult markets through 2002. Analysts were predicting a loss of 19 cents for the quarter.