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Posted on 10/04/2002 3:36:13 PM PDT by Willie Green
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PLEASANTON, Calif. (Reuters) - Software maker Commerce One Inc. on Friday said it would cut about 400 jobs, or 36 percent of its work force, by the first quarter of next year in an effort to preserve cash and offset weak revenues.
The company's ranks numbered about 1,100 when it wrapped up the third quarter on Sept. 30.
Commerce One, whose stock soared above $125 during the Internet boom, is struggling to cut costs and get profitable amid a tough corporate spending drought.
Shares of the Pleasanton, California-based maker of software that helps users source and buy supplies over the Web closed at $3.30 on Friday. The company did a 1-for-10 reverse stock split in September.
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