Pleasanton, CA July 18, 2002 Commerce One this week reported a sharp year-on-year drop in second quarter revenues, even as it laid out a roadmap for delivering a Web-services platform.
For the quarter ended June 30, 2002, Commerce One reported total revenues of $27.8 million, versus $101.3 million for the same quarter in 2001 and $31.8 million for the quarter ended March 31.
Pro forma net loss for the quarter was $38.4 million, compared with $96.7 million for the same quarter in 2001 and $55.4 million for the previous quarter.
Commerce One also announced that it would seek stockholder approval of a one-for-ten reverse split of its common stock. The company's stock, once priced well above $100 at the peak of the dot-com boom, has been trading under a dollar on the NASDAQ since May.
"Our results continue to reflect very limited IT spending across all geographic and vertical markets," said Mark Hoffman, chairman and CEO of Commerce One.
Commerce One said it would leverage its experience in XML and standards-based development, as well as its business process management expertise, to deliver a Web services platform that the provider said has the potential to lower the cost of enterprise application integration and development and enable companies to create composite applications that deliver enhanced functionality.
The new platform, targeted for beta availability in the fourth quarter, will also underlie Commerce One 6.0, a new suite of supplier relationship management (SRM) Web services scheduled to debut in the first quarter of next year.
"With Commerce One's new collaborative platform, we plan to deliver on the true promise of Web services by seamlessly connecting all types of applications, regardless of supplier, orchestrating business processes throughout the extended enterprise," said Hoffman. "This product focus, combined with careful expense management, comprise the critical building blocks of our future."
Shawn Willett, principal analyst at Current Analysis, suggested that Commerce One's move into the collaborative infrastructure space and its leveraging of Web services standards would position the company to expand into a key market. "Commerce One is bringing a wealth of experience and some interesting technologies to bear on the problem of providing an infrastructure for Web services," Willett said.