Hong Kong software company

CDC

(CHINA)

trumpeted its "sixth straight" quarter of surpassing Wall Street profit targets, but that wasn't enough to keep investors from bidding down its share price Tuesday by 14%.

In its first-quarter press release, CDC reported earnings before interest, taxes, depreciation and amortization of $6.7 million, which, it said, was higher than the $5.1 million that analysts were projecting.

But there were signs that business remain tough, and investors appeared to respond. On the top line, CDC said its revenue shrunk 20% to $79 million from a year ago, while EBITDA widened from the year-ago period's $900,000.

The company blamed the top-line slippage on fluctuating currency rates that cut out $7.3 million from the top line, and, as is de rigueur these days, "the extremely difficult global economic environment."

CDC shares were trading recently at $1.28, down 19 cents, or 13%, on volume of 1.3 million shares. Average daily volume is about 500,000.

CDC announced last week its intention to spin off its enterprise software business in an IPO, which caused the company's stock to jump 6%.

The enterprise software business, by far CDC's largest, posted revenue of $50.5 million in the quarter, $10 million less than the year before.

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