Mover: Longtop Shares Drop

NEW YORK (AP) — Shares of Chinese financial software developer Longtop Financial Technologies Ltd. dropped Wednesday morning after a narrow miss for the company on fiscal first-quarter profit.

The company reported Tuesday adjusted net earnings of 20 cents per American Depositary Share, while analysts expected 21 cents, according to Thomson Reuters.

Still, sales shot 47 percent higher to $28.5 million, topping the average forecast of $27.1 million.

Jefferies & Co. analyst Joseph Vafi was upbeat on Longtop's results in a note to investors Wednesday. He reiterated a "Buy" rating on shares, saying, "Longtop delivered another solid quarter."

He added that Longtop's business appears insulated from the broader economic slump by separate factors driving modernization in China's banking and insurance industries .

Longtop shares fell $3.19, or 11.4 percent, to $24.79.