Intraware tanks after slashing staff

Intraware shares plunged 81 cents, or 29 percent, to a 52-week low of $2 a share Monday after announcing it had laid off 47 percent of its staff and will take an unspecified charge in the current quarter.

The Internet software developer warned Friday that it had trimmed 180 of its 380 employees in a cost-cutting move.

Intraware (Nasdaq: ITRA) officials said the layoffs will help reduce its operating expenses by $5 million a quarter.

First Call Corp. consensus expects Intraware to lose 51 cents a share in its third quarter and $1.87 a share in the fiscal year.

Last quarter, Intraware beat the Street estimate when it posted a loss of $11.6 million, or 44 cents a share, on sales of $32.6 million.

The stock moved as high as $99 last December before falling to Monday's new low.

Four of the five analysts following the stock rate it a "buy."