Niku

(NIKU)

got hammered for a second time Tuesday after the information technology management software company warned of a weak first quarter.

The Redwood City, Calif., company guided to first-quarter pro forma earnings of 9 cents a share on revenue of $18.8 million. That's short of the expected 13 cents a share on revenue of $19 million.

The company expects to post license revenue of $7.4 million to $7.5 million and services revenue of $11.3 million to $11.4 million.

"Services revenue exceeded plan, enabling us to come within our guidance for total revenue," said CEO Joshua Pickus. "However, stronger-than-expected seasonality resulted in buyers delaying a number of license transactions. While first-quarter license did not meet our expectations, we continue to see a strong and growing market opportunity for IT management and governance. We are entering the second quarter with a solid and mature pipeline and believe we are well-positioned to achieve our growth objectives for the year."

After dropping $1.88 in regular trading to $14.47, Niku slid another $1.87 in after-hours action, to $12.60.