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guided second-quarter results lower Tuesday, blaming delays in the closing of several large deals.

The company expects to earn 4 cents a share before items on sales of $100 million to $102 million in the three months ended Friday. Analysts were expecting earnings of 6 cents a share before items on sales of $114.0 million, according to Thomson First Call.

Including items, the software company expects to earn 2 cents to 3 cents in the quarter.

"The company believes that the shortfall relative to guidance occurred primarily due to the slippage in closing several large deals around the world, which particularly impacted the results for the North American region and the Financial Services sector," it said.

The stock fell 55 cents, or 8.7%, to $5.78 on Instinet.