(PRSF) Portal Software was down 11.1% in late trading. Late Thursday, the customer management and billing software company posted a first-quarter loss of 18 cents per share excluding charges, down from a year-ago profit of 2 cents per share. Analysts expected a loss of 19 to 21 cents. The company said it cut its staff 20% this week.

J.P. Morgan

downgraded it to market perform from long-term buy and lowered estimates.