WOODBURY, N.Y.—Stocks in messaging company Comverse Technology Inc. were up slightly after the company released a sluggish first-quarter report, but several analyst firms downgraded the company.
Comverse reported a net loss of about $8 million and a net income of about $79 million for the quarter, ended April 30.
“Our Comverse and Ulticom divisions, which together comprised over 80 percent of Comverse Technology’s first-quarter sales, continued to post revenue declines, as the severe global telecommunications capital spending slowdown persists,” said Kobi Alexander, the company’s chairman and chief executive officer.
The company’s stock was trading at about $10 per share after the news.
