Revenue for the first quarter is now expected to be in the range of $42 to $44 million. The company expects to report a pro forma loss in the range of $0.19 to $0.21 per share for the April 30, 2001 quarter. These expected pro forma results exclude amortization of goodwill and developed technology related to the November 2000 Solution42 acquisition. These expectations are preliminary and subject to change. Portal Software will report actual results for the quarter ended April 30, 2001 on May 17, 2001.
While we anticipated a slowdown in economic spending by technology and communications companies, the overall global downturn was greater than we had anticipated, said John Little, chief executive officer at Portal Software. We will be taking aggressive cost cutting measures to reduce our expenses throughout the company in an effort to meet our business objectives in the short and long term. I believe that with these swift actions, our strong cash position and our solid market leadership, Portal is well positioned to weather the current economic climate.
The company is taking a number of actions designed to reduce its cost structure while maintaining its industry leadership position during this economic slowdown. The company plans to reduce its previously planned expense level for the second quarter by 20-25% through a combination of a reduction in workforce, facilities consolidations and asset write-offs. Portal anticipates incurring a restructuring charge associated with these cost reductions in the quarter ending July 31, 2001.
