CA’s Earnings Fall 64%; Firm to Cut 1,700 Jobs

Business software maker CA Inc. said it would cut 1,700 jobs, or 10.5% of its workforce, after reporting that fiscal first-quarter net income fell 64% as expenses rose.

Islandia, N.Y.-based CA, which is trying to recover from accounting scandals, years of losses and the departure of executives, said the cuts were part of a restructuring that would incur about $200 million in charges. CA was formerly known as Computer Associates.

Net income for the quarter ended June 30 fell to $35 million, or 6 cents a share, from $97 million, or 16 cents, a year earlier. Revenue rose 3% to $956 million.