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25 Jun 2008
Networking vendor 3Com saw net losses for 2008 widen by more than 150 per cent after being hit with a goodwill impairment charge of almost $158m (£80m) in the fourth quarter.
The non-cash charge was related to the vendor's 2005 acquisition of TippingPoint and contributed to 3Com suffering net losses of $166.7m during the three months to 30 May. This marked a 152 per cent increase on Q4 2007, although revenue for the quarter rose three per cent on last year to $321.3m.
Figures for the whole year painted a similar picture as revenue increased two per cent to $1.29bn, while net losses grew by 158 per cent to $228.8m, which 3Com put down primarily to the impairment charge.
Further reading
Chief executive Bob Mao said: "In 2008 we made progress in several key areas, including growing revenue year-over-year in almost every region, increasing our gross margins and generating cash from operations. To build on these improvements, we must increasingly operate as one global enterprise. Integration of our worldwide operations will support our goals of profitable revenue growth and increasing market share, as well as result in cost savings."
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