Monday April 2 4:45 PM ET
Inktomi Cuts Earnings, Revises Forecasts

FOSTER CITY, Calif. (Reuters) - Internet search technology company Inktomi Corp. (NasdaqNM:INKT - news) on Monday revised down its second quarter earnings and revenue expectations, citing weaker economic conditions.

The company said it expected a second quarter pro forma loss of between 23 and 25 cents for the just completed three months, excluding charges.

That compares with a 4-cent loss expected by Wall Street analysts, according to Thomson Financial/First Call. Revenues were seen between $36 million and $38 million.

Inktomi also said it would reduce its work force, and will take a charge as a consequence in the June quarter.

``Economic conditions in the United States and Europe have declined more quickly than we had initially anticipated forcing us to take strong cost-cutting measures for the continued health of our business,'' said David Peterschmidt, president and chief executive officer.

Inktomi is expected to report earnings for the quarter on April 19. Shares closed down 6.5 percent or 43 cents to $6.22 on the Nasdaq, near its 12-month low and far from its high of $191.



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Monday April 2 4:45 PM ET
Inktomi Cuts Earnings, Revises Forecasts

FOSTER CITY, Calif. (Reuters) - Internet search technology company Inktomi Corp. (NasdaqNM:INKT - news) on Monday revised down its second quarter earnings and revenue expectations, citing weaker economic conditions.

The company said it expected a second quarter pro forma loss of between 23 and 25 cents for the just completed three months, excluding charges.

That compares with a 4-cent loss expected by Wall Street analysts, according to Thomson Financial/First Call. Revenues were seen between $36 million and $38 million.

Inktomi also said it would reduce its work force, and will take a charge as a consequence in the June quarter.

``Economic conditions in the United States and Europe have declined more quickly than we had initially anticipated forcing us to take strong cost-cutting measures for the continued health of our business,'' said David Peterschmidt, president and chief executive officer.

Inktomi is expected to report earnings for the quarter on April 19. Shares closed down 6.5 percent or 43 cents to $6.22 on the Nasdaq, near its 12-month low and far from its high of $191.



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Monday April 2 5:01 PM ET
Entrust Tech Says to Miss Estimates

NEW YORK (Reuters) - Online security company Entrust Technologies Inc.(NasdaqNM:ENTU - news) warned on Monday that its first-quarter results would fall below its previous expectations, blaming the sluggish economy for cutting into software licensing sales.

Santa Clara, Calif.-based Entrust Technologies said it expected to post a first-quarter loss from operations applicable to common shares in the range of 32 cents to 34 cents and revenues of $31 million to $32 million.

Entrust had previously forecast a profit in the range of 1 cent to 2 cents, excluding acquisition-related costs, and revenues in the range of $50 million to $51 million.

Wall Street analysts on average had been expecting the company to earn 2 cents per share, according to research firm Thomson Financial/First Call, which monitors earnings.

Entrust shares closed down $1-1/32 at $7-9/32, well below the stock's year-high of $83-1/2, and nearer its 52-week low of $7-1/16.



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Redback Networks Lowers Guidance, Cuts 12% of Workforce
By TSC Staff

4/2/01 4:39 PM ET




Redback Networks (RBAK:Nasdaq - news) expects revenue in the first quarter to fall well short of Wall Street's projections, and the company disclosed plans to eliminate about 150 employees, or 12% of its workforce, as a result of the weakened global telecommunications market.







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For the first quarter ended March 31, the networking concern forecast revenue of $85 million to $90 million, well short of the consensus estimate of $132.4 million. The San Jose, Calif., company had a top line of $34.2 million in the year-ago period.

Excluding acquisition charges, stock compensation costs and restructuring and inventory expenses, the company expects to post a loss of about 15 cents a share. Analysts are looking for a profit of 4 cents, according to Thomson Financial/First Call. The company earned a penny a share last year.

Shares of Redback closed the regular Nasdaq trading session at $11.70, down $1.38 on the day, before being halted for after-hours trading.





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