i2 announces more job cuts

Losses increase by over 700 per cent...
Written by Sonya Rabbitte, Contributor on

Losses increase by over 700 per cent...

Supply chain provider i2 is to cut 1,000 jobs after writing off $4.7bn in acquisitions and posting a net loss of $5.5bn. The loss for the quarter ending 30 September 2001 worked out at $13.25 per share. In the same quarter of last year the company posted a net loss of $756m or $1.91 per share. Most of the acquisition write-off relates to the takeover of RightWorks, a procurement company bought by i2 in August. Pro forma loss came in at 13 cents per share, compared with a pro forma profit of seven cents per share for the same quarter last year. Revenue for the quarter was $194m compared with $320m in the same quarter last year, and down from $241m in the second quarter of 2001. The company also wrote off $26m in bad debt.
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