Openwave Systems ( OPWV) plunged 11% late Wednesday after the company trimmed revenue guidance and postponed its annual analyst day.

The Redwood City, Calif., communications software company said it expects fiscal first-quarter revenue to be flat to modestly below prior-quarter levels.

The news comes just two weeks after Openwave share tanked after the company cut its fourth-quarter revenue forecast. Openwave said July 6 it expects to break even before items in the quarter on sales of $90 million to $92 million.

For the first quarter, analysts are expecting sales of $99.6 million, Thomson Financial reports.

Openwave also delayed its annual analyst day to November from next Friday.

"The company is currently completing its annual operating plan for fiscal 2007, and will present key aspects of the plan at the rescheduled analyst day," Openwave said.

Shares fell 89 cents late Wednesday to $6.35.