3Com Corp said yesterday that its third quarter loss narrowed as revenue rose with the help of its two operating segments, SCN and Huawei-3Com.
The networking hardware and software provider also confirmed that China had given its final approval on the $882m acquisition of Huawei Technologies' 49 per cent stake in H3C. The deal is expected to close on 29 March.
Revenue from H3C was included in the Q3 report that showed a $5m net loss, or a penny a share, compared to the same period a year-ago when 3Com posted a loss of $33m, or eight cents a share.
The firm's president and CEO Edgar Masri said: "3Com has delivered against each of the five areas we told investors to hold us accountable for, including receiving approval for the H3C transaction, improving the performance of our SCN business unit, signing retention agreements with key members of H3C's leadership team, and delivering on our new Open Services Networking strategy and a network access control solution from TippingPoint."
He added: "We are confident that our continued focus on operational improvements, top and bottom line leverage, and execution against our OSN strategy will drive improved shareholder value over time."
3Com shares are currently trading at $3.82 on the New York Stock Exchange. ®