Portal Software

(PRSF)

lost $50.1 million, or 29 cents a share, in the third quarter, excluding a $19.3 million restructuring charge. In the year-ago quarter, it earned $6.99 million, or 4 cents a share.

Revenue for the quarter plunged more than 50%, falling to $31.8 million from $72 million in the year ago period.

The telecommunications software provider said the decline in revenue was due to a tougher economy and a slump in the telecommunications market. For the fourth quarter, the company expects a pro forma loss of 9 or 10 cents a share. Wall Street is expecting 11 cents, according to analysts polled by Thomson Financial/First Call.