REDWOOD CITY, Calif.-Wireless Internet vendor Openwave Systems Inc. reported increasing revenues and a narrowing net loss in its slow march toward profitability.
“Openwave delivered a strong quarter as the second wave of mobile data has moved mainstream worldwide,” said Don Listwin, the company’s president and chief executive officer. “Business momentum continues to build as we drive to profitability.”
Openwave’s revenues clocked in at $74.2 million, an increase from the $63.5 million it reported in the same quarter last year. The company’s third-quarter net loss was $5.7 million, down from the $23.2 million loss it reported in the same quarter last year. The company said it expects to report revenues of about $74 million in the coming quarter.
Investors seemed unimpressed, however, sending the company’s stock down almost 16 percent to $9.40 per share.
Separately, Openwave said Lebanese mobile operator LibanCell purchased its Mobile Access Gateway Version 6 and its Multimedia Messaging Services Center. LibanCell counts about 400,000 subscribers.
