Sybase Posts 38% Drop in Earnings - TheStreet

Sybase Posts 38% Drop in Earnings

The company's quarterly results fall short of Wall Street's expectations.
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Sybase

(SY) - Get Report

, a database and wireless software provider, said Wednesday that its second-quarter earnings fell 38%.

The company said net income for the quarter was $14.6 million, or 15 cents a share, compared with $20.2 million, 20 cents a share, for the same quarter last year.

Revenue for the quarter fell 18% to $192 million, including license fees of $63.9 million, which beat consensus revenue estimates of $186.5 million forecasted by

Thomson First Call

.

"We are encouraged by our second-quarter results," said John Chen, Sybase's chairman, president and chief executive. "An increasing number of customers are exploring new IT projects and initiatives involving Sybase, which gives us good reason to be optimistic."

Sybase's quarterly earnings fell short of Wall Street expectations, as a poll by Thomson First Call predicted earnings per share of 21 cents, but the company said it earned 24 cents a share on a pro forma basis, excluding acquisition and restructuring charges.