Sorrento Networks' Loss Is Wider Than Expected

Author:: Michael Dunn
Publish date:: Dec 7, 2001 8:19 AM EST

Sorrento Networks

said its third-quarter loss was $15.9 million, or $1.11 a share, compared with a loss of $6.9 million, or 63 cents a share, in the year-ago quarter. Wall Street was expecting a loss of 39 cents, according to analysts polled by Thomson Financial/First Call.

Third-quarter revenue was $10.1 million, down from $10.8 million in the year ago quarter, but up 26% from second-quarter revenue.

The optical networking solutions supplier said it has also undertaken substantial cost cutting measures such as a workforce reduction of 20%. It expects these measures to save approximately $6 million a year.

Shares of Sorrento Networks closed at $5.06 Thursday on the Nasdaq.