Patni Swings to Loss

Revenue rises 32%.
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Patni Computer Systems

(PTI) - Get Report

swung to a loss in its second quarter.

The company lost $3.2 million, or 2 cents a share, in the quarter, compared with earnings of $14.3 million, or 11 cents a share, a year ago. Adjusted for items, the company earned $16.7 million. Analysts polled by Thomson First Call were expecting the company to earn $11.2 million or 16 cents a share in the most recent quarter.

Second-quarter revenue rose 31.6% to $143 million as against analysts' expectation of $133.9 million.

The company expects earnings of $18 million to $18.2 million on revenue growth of 4.5% to 5% in the third quarter. Earnings exclude foreign exchange gain/loss and at an exchange rate of Rs 45.48 a dollar. Analysts expect earnings of $15.5 million, or 21 cents a share, on revenue of $142.6 million in the third quarter.

The company said it acquired

ZAiQ Technologies

, a design and verification company, in Woburn, Mass. The transaction will help Patni in meeting the growing demand for ASIC-based services in vertical markets like consumer electronics, telecom, computing and wireless, the company said.

The company added 23 new clients in the quarter.

The company said its top 10 clients contributed 54% of the revenue in the quarter compared with 60.4% a year ago.

This story was created through a joint venture between and IRIS.