Radiant Plummets After Warning of Third-Quarter Loss

Transaction management software maker Radiant (RADS Quote) was down 31% in early trading after it warned late Wednesday of a third-quarter loss in stead of the profit it had been forecasting. The company promised to cut costs by $2 million every quarter to reach profitability.

Radiant now sees a third-quarter loss of 5 to 10 cents a share on revenue of $28.5 million to $29.5 million. Analysts were expecting the company to post a profit of 3 cents a share, according to Thomson Financial/First Call.

In July, Radiant said it expected to post revenue between $38 million and $39 million and earnings per share in the range of 3 to 5 cents per share.

The company is due to report third-quarter earnings on Oct.11.