REDWOOD CITY, Calif.-Investors decried Openwave Systems Inc.’s second-quarter report, sending the company’s stock down almost 20 percent to $1.70 per share. The company announced revenues of $66.8 million, down from the $71.2 million in the previous quarter and the $93.8 million in the same quarter last year.
“Openwave executed a solid quarter given the challenging market conditions,” said Don Listwin, president and chief executive officer of Openwave. “We continue to make progress on reducing our cost structure and strengthening our technology offer to the market.”
RBC Capital Markets downgraded the company, while Merrill Lynch upgraded Openwave.
Openwave’s pro forma net loss for the quarter was $24.7 million, and it reported cash, cash equivalents, short-term and long-term investments of $243.4 million. The company said it expects revenues to continue to fall in the coming quarter.
