Commerce One Inc. announced Wednesday that has posted a net loss for its second quarter totaling US$71 million, or 25 cents per share.
The company also announced it will ask shareholders to allow it conduct a 1-to-10 reverse split of its common stock.
All shareholders of record as of July 22 will be allowed to vote on the plan on Sept. 6.
The Pleasanton, Calif.-based company also reported revenue for the quarter of $27.8 million, down sharply from the $101.3 million it reported for the same quarter last year.
Chairman and CEO Mark Hoffman said the results reflect a drop in overall IT spending due to the downturn in the economy.