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Ariba 2Q in line
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April 20, 2001: 4:03 p.m. ET
Internet technology provider reports much wider loss but meets forecasts
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NEW YORK (CNNfn) - Ariba Inc. reported a second-quarter loss Friday that was sharply wider than a year earlier but in line with Wall Street forecasts, the latest technology company to fall victim to the slowing economy.
For the quarter ended March 31, the Mountain View, Calif.-based e-commerce network provider reported a pro forma net loss excluding unusual items of $48.3 million, or 20 cents a share, compared with a pro forma net loss of $11.5 million, or 6 cents a share, a year earlier.
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VIDEO
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 Keith Krach, CEO of Ariba, chats with CNNfn about meeting second quarter forecasts. |
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Analysts were expecting a loss of 20 cents a share, according to earnings tracker First Call.
Ariba (ARBA: up $0.73 to $7.76, Research, Estimates) said it took $33.6 million in special charges during the quarter related to losses from equity investments and the cancellation of its acquisition of Agile.
Revenue for the quarter jumped to $90.7 million from $40 million a year earlier.
The company, which warned of lower second quarter results April 2 and trimmed 30 percent of its workforce, blamed the slowing economy for the wider loss and said current market conditions provide "low visibility" going forward.
"The slowdown in both the economy and technology spending impacted our business more dramatically than we had expected," Chief Financial Officer Bob Calderoni said. "While the current uncertain market conditions provide low visibility going forward, we took decisive and immediate actions to realign our expense structure to reflect today's economic realities. We believe a strong focus on operational efficiencies and financial discipline will help us weather the current environment and should position us well as the economy recovers." 
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