SAN JOSE — Openwave Systems Inc., a leading provider of software behind Internet-surfing cell phones, met Wall Street’s reduced expectations in its fiscal first quarter but will cut about 300 jobs.
The Redwood City-based company said Monday the job cuts are part of a plan that will save at least $20 million per quarter. The company has about 2,300 employees.
Openwave, formed in last year’s merger of Software.com and Phone.com, has been hard hit as wireless carriers reassess plans to introduce next-generation features, such as high-speed Internet access and messaging.
“Openwave is realigning our operations to navigate the unprecedented uncertainty of the telecommunications market,” said Don Listwin, the company’s chief executive.
For the three months ended Sept. 30, the company lost $170.5 million, or 99 cents per share, compared with a loss of $168 million, or $1.04 per share, in the same period a year ago.
Excluding special items, the company lost $5.9 million, or 3 cents per share, which met the expectations of analysts surveyed by Thomson Financial/First Call.
The company posted first-quarter revenues of $117.2 million, compared with $80.8 million in the same period last year.
Officials also lowered their estimates for the second quarter. Per-share loss is expected to be between 6 cents and 19 cents. Sales are expected to be about $100 million, plus or minus 15 percent.
Analysts were expecting the company to break even on a per-share basis in its fiscal second quarter.
Shares of Openwave fell $1.02 to $8.99 in trading on the Nasdaq Stock Market. After its loss was announced, it lost another $1.96, or 21 percent.