Commerce One reports loss

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.

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