NEW YORK (TheStreet) -- Shares of Comverse (CNSI) are down -8.09% to $22.30 in early morning trading on Monday.
The software provider reported a wider first quarter loss of $16.1 million, or -72 cents per share, compared to a loss of $3.1 million, or -14 cents per share in the same period, a year ago.
Three analysts surveyed by Thompson Reuters had expected Comverse to post a gain of 6 cents per share for the quarter.
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In a statement, Comverse CEO Philippe Tartavull cites the quarter's losses on costs related to the "ongoing transformation underway" at the company.