X
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.