Novell dragged down by Cambridge

Novell has admitted its net loss for the fourth quarter has increased significantly on the same period last year.

The networking software company blamed the big loss on charges of $114m mainly accrued during its acquisition of consulting firm, Cambridge Technology Partners.

However, discounting charges, Novell revenues hit $307.61m, or two cents per share, up from $273.32m in the same quarter in 2000.

Early in November, the company predicted fourth quarter revenues before losses of $306m or one cent per share.

The company reported a net loss of $94.51m - 26 cents per share - for the quarter, up from a net loss of $34.96m - 11 cents per share - last year.

On 15 November the company announced a further 1,400 job losses, largely from Cambridge Technology Partners, to try and stem the flow of money.