NEW YORK (TheStreet) -- Actuate (BIRT) plummeted 18.73% to $5.90, down $1.36 from its previous close of $7.26, on Wednesday after the company announced a drop in revenue in its fourth-quarter earnings report.
The San Mateo, Calif.-based company noted that revenue decreased 9% year-over-year to $32.4 million from $35.6 million. License revenues were $14.6 million, down 6% from $15.5 million in the same quarter one year earlier, while service revenues were $17.8 million, down from $20.1 million one year ago.
In other news, Actuate also announced the acquisition of legodo ag on Wednesday.
TheStreet Ratings team rates ACTUATE CORP as a "hold: with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:"We rate ACTUATE CORP (BIRT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and weak operating cash flow."
- You can view the full analysis from the report here: BIRT Ratings Report
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