Openwave Guides Lower
Openwave (OPWV) will badly miss Wall Street's fourth-quarter earnings and sales estimates.
The telecommunications software provider expects to break even before items in the quarter on sales of $90 million to $92 million. Analysts surveyed by Thomson First Call were forecasting earnings of 22 cents a share on sales of $122.1 million. On a GAAP basis, Openwave expects to lose 13 cents or 14 cents a share in the quarter.
"While the results for the quarter are disappointing, overall the company has delivered a solid financial year," Openwave said. "During the quarter, we signed a significant systems deal, made progress on decreasing receivables and recorded strong bookings. We continue to see customer momentum worldwide and are confident in our strategy as we enter fiscal 2007."
The stock closed Wednesday at $11.47. In premarket trading Thursday, shares fell $2.52, or 22%, to $8.95.
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