It has stated that its immediate goals are to focus on its Web search and enterprise information retrieval areas of business. It will, in doing so, reduce its content networking group.
At the same time, the company named a new chief financial officer, Randy Gottfried.
"Our content networking business has been highly dependent on the telecommunications and service provider markets," said David Peterschmidt, president and chief executive of Inktomi. "Severe economic conditions in the last year, coupled with the lack of demand from enterprises and the continued challenging environment going forward, resulted in our decision to reduce our networking operations and direct Inktomi at the established Web and enterprise search markets."
The company had revealed last Wednesday that it had missed analysts' expectations for its third quarter. Wall Street was expecting a net loss of 7 cents per share, but Inktomi reported a net loss of 9 cents per share, about $13.4 million.
www.inktomi.com
