NEW YORK ( TheStreet) -- Shares of Pegasystems ( PEGA) fell sharply in late trades after the Cambridge, Mass-based business software maker reported third-quarter adjusted earnings that were less than half of what Wall Street was looking for.

The company posted a non-GAAP profit of $6 million, or 15 cents a share, for the three months ended Sept. 30 on revenue of $95.5 million, up 6% year-over-year. The average estimate of analysts polled by Thomson Reuters was calling for earnings of 31 cents a share in the quarter on revenue of $111.3 million.



The stock was last quoted at $30.91, down 17%, on volume of more than 130,000, according to Nasdaq.com.

"While license signings for Q3, 2011 were lower compared to Q3, 2010, year to date, our new license signings are up significantly from the same period last year despite the slow economy," said Craig Dynes, the company's chief financial officer, in a press release. "Based on license signings to date and our pipeline, we see the license mix shifting in favor of term licenses versus perpetual licenses. Since we recognize term license revenue over the 3-to-5 year term, this shift will have the effect of deferring more revenue into future periods."

The company said it sees revenue of around $500 million for 2012, below the current consensus estimate of $513 million.

Other stocks making notable moves in the extended session included Dow component Cisco Systems ( CSCO), whose shares rose more than 4% after its better-than-expected quarterly report; and Green Mountain Coffee Roasters ( GMCR), whose shares plunged more than 30% after its fiscal fourth-quarter performance fell short on both earnings and revenue.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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