Beazer Homes USA Inc. posted a smaller loss for its fiscal first quarter, but revenue dropped sharply as home closings and new orders each plunged by more than half and the homebuilder slashed 300 jobs.

'Our financial results for the first quarter are a reflection of the difficult market and economic conditions that we and our peers continue to face,' Ian McCarthy, Beazer's chief executive, said during a conference call with Wall Street analysts.