Openwave writes off Musiwave, loses CFO

Shares of Openwave Systems Inc. jumped after the mobile software developer reported mixed quarterly results and shuffled its front office.
The Redwood City, Calif.-based outfit posted a net loss of $92 million, marking a dramatic downturn from a quarterly loss of $5 million last year. The recent loss included a $54.7 million charge from the discontinued operations of its Musiwave business, which the company said was “an asset held for sale.”
Openwave reported $68.1 million in revenue, down 18% from the $83.5 million posted during the year-ago period.
The company also named Jean-Yves Dexmier as its new CFO, replacing Harold Covert, who is leaving “for personal reasons,” according to Openwave. Dexmier has served as CFO for several technology companies and currently serves on the board of LookSmart, an online advertising and technology company.
Shares of Openwave climbed 28 cents, or more than 5%, to $5.63 following the report. The stock had declined steadily after peaking at $10.37 in early June.