Aspen Technology Sees Wider Loss

Aspen Technology

(AZPN) - Get Report

said it expects a third-quarter loss on lower revenue caused by "continuing global economic uncertainties."

The software company said it expects to post a loss of $5 million to $7 million on revenue of $82 million to $84 million. The company estimates that these results are approximately 5% below its January forecast, but expenses are expected to be 4% below initial guidance as well. In the year-ago quarter, the company posted a loss of 16 cents a share on revenue of $76 million.

According to Thomson Financial/First Call, Wall Street analysts were expecting the company to earn 2 cents a share on revenue of $84.55 million in the third quarter.

The company said that, while revenue fell short of the company's goals due to cautious customer spending, business is expected to improve and the company should return to profitability by the June quarter.

Shares of Aspen reacted negatively to the news, falling 21.8% to $16 in premarket trading after closing at $20.46 Thursday.