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Inktomi warns of lower earnings

The Internet infrastructure company joins the market's chorus of earnings warnings, saying its fourth-quarter revenues will be lower than expected.

Internet infrastructure company Inktomi joined the market's chorus of earnings warnings Wednesday, saying its fourth-quarter revenues would be lower than expected.

The warning comes just a day after several influential analysts downgraded the stock, citing weaknesses across the sector.

A consensus of analysts polled by First Call after those downgrades had expected Inktomi to report earnings of 3 cents per share. The company said Wednesday that it would instead wind up somewhere between a break-even range and earnings of 1 cent per share, representing total fourth-quarter revenues between $80 million and $81 million.

"The current conditions in the U.S. capital markets and the broader economy have resulted in a slowdown in infrastructure spending," said Inktomi CEO David Peterschmidt. "Accordingly, we are adjusting our estimates for the current quarter."

Inktomi produces a range of Net infrastructure products, from caching software that speeds Net performance to search engine technology.