NEW YORK (TheStreet) -- Qlik Technologies (QLIK) lost around one-fifth of its share value after reporting disappointing third-quarter revenue and forecasting fourth-quarter and full-year profit well below analyst estimates.
For the third-quarter ended Sep. 30, the analytics software maker earned 3 cents a share, compared to break-even in the year-ago period.
Revenue totaled $104.1 million, 21% higher than a year earlier, as growth in the Americas offset weakness in Europe and Asia-Pacific. However, analysts surveyed by Thomson Reuters had expected $107.7 million in revenue.
For the fourth quarter, the Radnor, Pa.-based business predicts earnings of 28 cents to 31 cents a share on revenue between $156 million and $161 million. The forecast came in significantly lower than analysts' expectations of 45 cents a share on $165.78 million in revenue.
For the full year, the company projects revenue between $465 million and $470 million, and earnings between 23 and 26 cents a share. Analysts had expectations of 38 cents a share on $478.45 million.
CEO Lars Bjork said added complexity of larger enterprise-level customers had impacted the business' top line, a problem that would take time to remedy.
"We are taking action to bring more discipline to the management of our growing pipeline, and we expect these changes to take some time to fully impact our results, which is reflected in our fourth-quarter guidance," he said in a statement.
Shares were trading 18.9% lower at $27.15 as of 11:55 a.m. EDT, recovering slightly from earlier losses of more than 20%. So far, 12.3 million shares have changed hands compared to its three-month average daily trading volume of 1.4 million.