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Openwave Tumbles on Warning


Updated from 7:56 a.m. EDT

Openwave Systems


was down 27.7% in early trading, but off its low for the morning, after saying late Tuesday it will post a first-quarter loss instead of the profit expected by analysts. Openwave was the most actively traded stock on the Nasdaq and, shortly after the opening bell, set a 52-week low of $7.45.

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The wireless networks software company said it expects to post a first-quarter loss of 1 to 4 cents a share, on revenue of $115 million to $120 million, due to the current "challenging" economic environment.

Analysts were expecting the company to post a profit of 9 cents a share, on revenue of $151.1 million, according to Thomson Financial/First Call.

The company said the Sept. 11 attacks hurt sales activity in a quarter that is typically "already back-end loaded."