saw its shares trade lower after the company reduced its revenue guidance for the second quarter, saying several large customer transactions have been delayed.

The software maker now expects to report second-quarter revenue of about $85 million, down from its previous estimate of $90 million. The company said software revenue will total around $32 million.

FileNet said it will earn 1 cent to 3 cents a share, compared with previous guidance of a profit of 4 cents to 6 cents. Analysts polled by Thomson First Call are looking for earnings of 5 cents and revenue of $90.9 million.

"Results for the quarter were largely impacted by the delay or deferral of several large transactions," the company said in a press release. "Despite this, we continue to see positive indications that our strategy of expanding our leadership position in the Enterprise Content Management market is on target."

Shares of FileNet were losing 23 cents to $16.82 in recent