Openwave Results Choppy
Redwood City, Calif.-based Openwave (OPWV) posted mixed results for its fourth quarter and named a new chief financial officer.
The maker of telecom infrastructure software reported revenue of $68.1 million, down 18.4% from the $83.5 million for the same quarter of 2006. Analysts were expecting a top line of $71.2 million, according to Thomson Financial.
The company posted a net loss of $91.8 million, or $1.11 a share, vs. a loss of $5.1 million in the year-ago period. The loss included a charge of $54.7 million, or 66 cents a share, from discontinued operations of its Musiwave property.
Excluding items, the per-share loss was 13 cents, on a net loss of $10.5 million, vs. a gain of $4.7 million in the prior-year period. Analysts were expecting an EPS loss, excluding items, of 15 cents on a net loss of $12.9 million.The company appointed Jean-Yves Dexmier chief financial officer. He replaces Harold L. Covert. The stock was up 4 cents, or 0.8%, to $5.39 in after-hours trading.
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