NEW YORK (TheStreet) -- Unisys (UIS) plummeted to a 52-week low of $21.09 on Wednesday after the global information technology company reported second-quarter earnings that came up extremely short of analysts' expectations.
The company reported a net loss of $12.1 million, or a loss of 24 cents per diluted share. This was a staggering 71 cents short of analysts' expectations of earnings of 47 cents a share. Revenue declined 6% year over year to $806 million from $859 million.
"Our second-quarter 2014 results were impacted by lower sales of our flagship ClearPath family of enterprise software and servers, which can vary significantly from quarter to quarter based on the timing of client transactions," said Unisys Chairman and CEO Ed Coleman in a statement.
The stock was down 16.32% to $21.22 at 11 a.m. More than 2.4 million shares changed hands, compared to the average volume of 557,833.