Openwave Systems Inc., which makes Internet browsers for cellphones as well as software for carriers, reported a 20-percent drop in revenue during its most recent quarter.
In the year-ago period, Openwave reported a net income of $8.4 million, or 11 cents a share, but the company cruised into the red in its most recent quarter with a loss of $15.8 million, or 17 cents a share. Revenue fell to $84.2 million in its most recent quarter, down from the $104.5 million Openwave recorded in the same quarter in 2005.
Excluding stock-option, amortization and restructuring charges, the company posted a loss of $2.5 million, or 3 cents per share.
The loss appears to be in line with analysts’ expectations of an 8-cent-per-share loss, excluding the aforementioned charges, on $83.8 million in revenue.
“We plan to continue to focus on bookings momentum, new product introductions, sales productivity improvement and tight expense control,” Openwave President and CEO David Peterschmidt said.
The company’s shares rose slightly after the company’s announcement to around $8.88 per share.
Openwave promises to rein in losses
ABOUT AUTHOR
