Computer Associates said its quarterly profits more than doubled, helped by acquisitions and tax credits, but the pace of new deals slowed and the software company said it would cut 800 more jobs to reduce costs.

Fiscal first-quarter profit was $94 million, or 15 cents a share, up from year-earlier income of $40 million, or 7 cents a share. Earnings excluding items were 22 cents a share, in line with analysts' average estimate according to Reuters Estimates. Revenue rose by 8 percent to $920 million.

The company, which is emerging from civil and criminal inquiries into its accounting, said it is cutting the jobs, which represent about 5 percent of its workforce, in the hope of generating savings of $75 million a year. That is on top of 800 job reductions announced in September.

CA's new management has been making acquisitions in new growth areas and downsizing other businesses to address a tough market for software sales.

By: DocMemory
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