Updated from 5:46 p.m ET to include latest prices, information on Motricity and Cree.
NEW YORK ( TheStreet) -- Shares of Motricity (MOTR) were crushed in Tuesday's after-hours session after the Bellevue, Wash.-based provider of mobile Internet services fell well short of Wall Street's expectations for its quarterly results.
The company cited "headwinds" in its North American carrier business, increased competition in international markets, and a later than anticipated closing of its Adenyo transaction.
The stock plunged 50% to $2.23 with volume exceeding 1.3 million, according to Nasdaq.com.Motricity said it lost $4.3 million, or 9 cents a share, in the June-ended period on revenue of $34.6 million. On an adjusted basis, the company earned $2 million, or 4 cents a share, in the quarter. The average estimate of analysts polled by Thomson Reuters was for earnings of 9 cents a share on revenue of $37.1 million. The company also took down third-quarter expectations dramatically, saying it expects a loss on an adjusted basis with revenue ranging from $31.5 million to $32.5 million. "The Company's outlook for the third quarter has been impacted by new competitive dynamics in the international markets, continuing lower levels of North American carrier professional services work and lower managed services revenue, partially offset by accelerating mobile marketing and advertising revenue growth," said Motricity, which also withdrew its outlook for the year, adopting an extremely cautious tone about both the economy and the competitive pressures it sees in the marketplace.