Shares of

Borland Software

(BORL)

were off as much as 12% Wednesday following word that the Scotts Valley, Calif., company had joined the

long list of software makers missing sales and revenue targets for the first quarter.

The stock recouped some of its losses by midday and in recent trading was off 42 cents, or 4.6%, to $8.75. Borland closed at $9.17 on Tuesday.

The company now expects revenue in the first quarter to range from $72 million to $75 million, an increase of more than 25% from the same quarter in 2002, but still below Borland's old guidance of $77 million to $83 million.

Pro forma earnings per share will range from a loss of a penny to 4 cents, compared with Wall Street's expectation of a 2-cent profit. A company spokeswoman said Borland had not previously given EPS guidance for the quarter. GAAP earnings are expected to range from a loss of 23 cents to a loss of 27 cents, the company said.

In a prepared statement, CEO Dale Fuller said, "We feel that customer reluctance to close deals in the last weeks of the quarter was more a result of underlying global economic weakness" than the war.

Final results for the quarter will be released after the close on April 29.

TST Recommends

The long list of software companies to have warned this quarter includes

Siebel

(SEBL)

,

Peoplesoft

(PSFT)

, and

Sybase

(SY) - Get Report

.