Shares of Cogent ( COGT plunged in after-hours trading Wednesday as the biometric identification company posted second-quarter results that were well below analysts' projection. The company's income fell to $3.6 million, or 4 cents a share, from $14.4 million, or 16 cents a share, a year ago. Analysts polled by Thomson First Call were looking for earnings of 10 cents a share. Revenue plunged to $13.2 million from $39.4 million a year earlier, sharply missing Wall Street's target of $28 million. "Our lower second quarter revenues reflect lumpiness in our business, the timing of revenue recognition of contracts and the delay of projects from key existing customers," Ming Hsieh, president and CEO, said in a statement. "Last year, our two largest customers -- the Department of Homeland Security and National Electoral Council of Venezuela -- accounted for approximately $59 million in revenue during the first half of the year. In the same period this year, these two customers have accounted for approximately $14 million in revenue." The company also set plans to buy back as much as $30 million of stock. Shares sank $4, or 29%, to $9.70 after hours. Sina ( SINA - Get Report) shares soared after the Shanghai-based online media company beat second-quarter earnings targets. The company's profit rose to $10.4 million, or 18 cents a share, from the year-ago $10 million, or 17 cents a share. On an adjusted basis, excluding certain costs, earnings were 21 cents a share in the latest quarter, 3 cents ahead of the Wall Street estimate. Sales rose 16% from a year ago to $53.7 million, beating the average analyst forecast of $49.2 million. For the third quarter, Sina projected revenue of $51 million to $54 million, above the $50 million analyst target. Shares climbed $3.54, or 17%, to $24.45 in late trading.
InfoSpace ( INSP shares fell after the mobile-media company's soft guidance offset better-than-expected second-quarter results. The company's second-quarter income dropped to $1 million, or 3 cents a share, from $16.3 million, or 44 cents a share, a year earlier. Still, the results were better than analysts' forecast for a loss of 6 cents a share, as well as the company's April guidance for a loss of 6 cents to 10 cents a share. Revenue climbed to $95.8 million from $83.2 million, beating Wall Street's projection of $91 million. "Our results were ahead of our expectations in the second quarter, primarily driven by growth in mobile media downloads and an increase in online monetization," said Jim Voelker, chairman and chief executive, in a statement. InfoSpace forecast a third-quarter loss of 8 cents to 11 cents a share, worse than analysts' forecast for a loss of 3 cents a share. The company predicted revenue of around $96 million, compared with Wall Street's target of $92 million. Shares, which initially soared after hours, later fell 65 cents, or 3.1%, to $20.57. Shares of Wellcare Health Plans ( WCG - Get Report) advanced after the provider of managed-care services reported second-quarter results that topped Wall Street's estimates. The company earned $22.2 million, or 55 cents a share, compared with $14.2 million, or 36 cents a share, a year ago. Revenue increased 88% to $852.8 million. Analysts anticipated earnings of 48 cents a share on revenue of $789 million. The company said overall membership more than doubled to over 2 million. Looking ahead, Wellcare forecast third-quarter earnings of 95 cents a share, well above analysts' target of 79 cents. The company sees revenue of $975 million, compared with Wall Street's expectation of $937.7 million. For the full year, Wellcare raised its earnings projection to $2.85 to $2.90 a share from an earlier forecast of $2.52 to $2.57 a share. Wellcare anticipates revenue of $3.55 billion, up from a prior view of $3.4 billion. Analysts see earnings of $2.56 a share and $3.46 billion in revenue for 2006. After hours, shares climbed $4.94, or 9.9%, to $54.75.
Starbucks ( SBUX - Get Report) shares declined after investors focused on weak July same-store sales growth instead of in-line third-quarter numbers. Starbucks said it earned $145 million, or 18 cents a share, for the quarter ended July 2, up from $125.5 million, or 16 cents a share, a year earlier. Excluding a penny a share that was related to a one-time tax benefit, the company met Wall Street's average forecast for earnings of 17 cents a share. The coffee retailer's total revenue rose 23% to $1.96 billion, thanks to a flurry of new store openings. Same-store sales rose 6% for company-operated stores. But for July, comparable sales, measuring figures from locations that were open for at least a year, rose 4%. That came in at the low end of the company's long-term forecast of comparable-sales growth in the 3% to 7% range. Shares tumbled $3.02, or 9.1%, to $30.28 in after-hours trading.