RightNow Technologies ( RNOW) sliced its earnings and revenue forecasts for the fourth quarter late Thursday, sending shares sharply lower in after-hours trading.

The stock recently lost 11% to $15.50.

The Bozeman, Mont.-based business software and services firm said revenue would total $28 million for the quarter ended Dec. 31, falling short of the $31 million to $31.5 million it projected in October.

RightNow also said it expected a wider loss for the quarter, instead of the 2-cents-a-share loss to break-even range it had anticipated.

Analysts polled by Thomson First Call had expected a net income of 3 cents a share on sales of $31.4 million for the quarter.

The company blamed the disappointing results on an "accelerated" shift in its business mix from perpetual to recurring revenue agreements, including one large deal that was anticipated as perpetual but ended up a recurring transaction.

"While we are disappointed that our fourth-quarter revenue and earnings were below our guidance, bookings were strong for the fourth quarter and full year," Greg Gianforte, founder and CEO of the company, said in a statement.

The company reports its quarterly results on Jan. 31.