WebMethods to cut staff after wider-than-expected loss

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Fairfax, Va.--Webmethods Inc., whose software runs Web-based business operations, said Friday that it's cutting 160 positions, or about 15% of its work force, in the wake of a fiscal first-quarter loss wider than Wall Street expected. The company blamed the economy for the loss. WebMethods now expects to post a loss of 9 cents to 10 cents a share-excluding the amortization of deferred stock compensation, goodwill and non-cash charges-for the three months ended June 30. The announcement came less than two weeks after WebMethods landed a major contract to provide software for Covisint, the online b-to-b marketplace for automakers.
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