FileNet Corp is to cut 100 jobs in a restructuring, following its surprise third quarter losses last month. The document management company reported net losses of $5.8m down from profits last time of $1.9m on revenues up 9.4% at $71.2m. After a bad year in 1997, FileNet appeared to recover itself for the first two quarters of the year. Nine-month net profits rose to $1.4m from losses last time of $11.4m on revenues up 28.6% at $225.1m. The restructuring involve the firm’s sales and marketing model. FileNet will take a $2m charge related to the restructuring in its fourth quarter.
