WebMethods Reports Loss, Layoffs
WebMethods said Friday that it would be reporting a first quarter net loss and revenue of approximately $55 million falling short of its early estimates and reduce its workforce by 15 percent.It expects to report a net loss for the quarter of $.09 to $.10 per share. Cuts in spending across all areas will also take place.
"These challenging economic times continue to affect our business," said Phillip Merrick, chairman and CEO of webMethods, Fairfax, VA. "The sales cycle is lengthening as customers continue to defer spending decisions, and the internal approval process is becoming even more complex. As such we are taking steps to realign our resources and adapt our business to the current economic environment, in order to maintain our leadership position in this market."
