Revenue totaled $25.3 million, down from $29.6 million in the same period one year earlier. Net loss was $5.5 million, or 9 cents a share, compared to a loss of $3.4 million, or 5 cents a share, in the same quarter one year ago.
Analysts polled by Thomson Reuters expected a loss of 8 cents a share on revenue of $26.2 million.
Adjusted EBITDA loss was $4 million, compared to a loss of $1.4 million in the same quarter one year earlier.
The stock was down 31.17% to $1.12 at 2:55 p.m.
Separately, TheStreet Ratings team rates IPASS INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate IPASS INC (IPAS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: