TORONTO-Mobile commerce company 724 Solutions Inc. recently hinted at results for a strong second quarter, but also warned that the slow economy is forcing the company to adjust its revenue expectations for the year.
“Our global pipeline of opportunities is the strongest it has ever been, but the economic uncertainty is causing some of our larger license deals to take longer to close,” said John Sims, the company’s chief executive officer. “Given the uncertain economic outlook-and the potential that this may continue to affect our sales cycle on large strategic contracts-we believe that it is prudent to adjust our revenue expectations for the year to $67 million.”
For the second quarter, ended June 30, 724 Solutions expects $14.1 million in revenues, slightly up from the $13.8 million last quarter. Pro forma loss per share for the quarter is expected to be between 27 and 29 cents.
The company will provide second quarter details July 25.
