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Loss-making ShoreTel remains optimistic

Alex Scroxton
IP communications specialist ShoreTel has posted disappointing second quarter numbers for its Q2 2010, delivering sequential revenue growth of 5% but posting an overall loss for the period.

Sales of $35.5m (£21.95m) were up a mere 0.56% year-on-year, while the firm's net loss widened from $2.3m to $2.5m.

Nevertheless, the California-based firm remained in a positive mood, reporting record GAAP gross margins and its strongest ever cash position; as of 31 December 2009 ShoreTel banked $115m in cash, cash equivalents and short-term investments.

"We are seeing solid growth and an improving market even before the benefits of our strategic investments in sales, R&D and branding are realised," said chairman and CEO John Combs. "We also achieved double digit growth from our national partners and signed over 800 new customers."

ShoreTel is now targeting revenues of between $34m and $36m during Q3, which closes at the end of March. It did not, however, provide guidance on profits for the period. 

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