REDWOOD CITY, Calif.—Openwave Systems Inc. said it expects a year-over-year revenue decline, news that sent the company’s stock down more than 10 percent to $8.58 per share.
The company said its revenues are expected to come in at $91.2 million, which is a drop from revenues of $103.3 million reported during the same period last year, but about even with revenues of $91.1 million reported during the previous quarter. Analysts expected the company to report revenues of $88 million for the quarter.
Merriman Curhan Ford downgraded the company’s stock from “buy” to “neutral” on the announcement.
The results are preliminary as Openwave is conducting a review of its stock-options practices.
Openwave sells Internet surfing software to wireless carriers and handset makers.