Networking software company Novell has posted a net loss of $12m (£7.6m) for the first quarter of its 2003 financial year, compared with an $8m (£5.1m) profit for the same period last year.
The Utah-based company reported net revenue of $260m (£165m) for the quarter ended 31 January 2003, a six per cent decline on the $278m (£176m) it generated 12 months ago.
Novell chairman, president and chief executive Jack Messman admitted that the results were worse than predicted, blaming the shortfall on the "soft" US IT market.
But he pointed to areas of the company that are showing good growth figures.
"We benefited in the quarter from double digit revenue growth in our identity management and secure web services offerings, and ZENworks management offerings," he said in a statement.
"This was offset by declines in networking software and IT consulting.
"First-quarter revenue for Novell is typically lower due to seasonal factors, but a further slowing of the IT business in North America resulted in a larger than anticipated year-over-year decline."
Europe, Middle East and Africa showed the best figures for Novell, with total revenue reaching $103m (£65.5m), up six per cent from last year.
But in the US sales were $124m (£78.8m), down 16 per cent for the same period, while revenues for the Asia Pacific region were $18m (£11.4m), down six per cent.
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