REDWOOD CITY, California, United States-Investors decried Openwave Systems’ second-quarter report, sending the company’s stock down almost 20 percent to US$1.70 per share. The company announced revenues of US$66.8 million, down from the US$71.2 million in the previous quarter and the US$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 (CEO) of Openwave. “We continue to make progress on reducing our cost structure and strengthening our technology offering to the market.”
RBC Capital Markets downgraded the company, while Merrill Lynch upgraded Openwave.
Openwave’s pro forma net loss for the quarter was US$24.7 million, and it reported cash, cash equivalents, short-term and long-term investments of US$243.4 million. The company said it expects revenues to continue to fall in the coming quarter.
