Updated from 4:29 p.m. EDT

Tibco Software

(TIBX)

swung third-quarter earnings into the black vs. a loss a year ago, but revenue came in just shy of Wall Street estimates.

The Palo Alto, Calif.-based integration software vendor reported GAAP net income of $2.7 million, or a penny a share, in the third quarter, which ended Aug. 29. That compares to a net loss of $45.4 million, or 22 cents a share, in the same period a year earlier, which included a $19.7 million restructuring charge.

Excluding charges, Tibco said it earned pro forma net income of 2 cents a share in the third quarter. A year ago the company broke even on a per-share basis, excluding charges.

The company said revenue rose 4.4% to $66.1 million from $63.3 million a year earlier. Software license revenue came in flat year over year at $34.6 million, which includes $7.5 million from a deal with

Federal Express

(FDX) - Get Report

in November that was initially recognized as deferred revenue.

Wall Street analysts polled by Thomson First Call expected Tibco to earn pro forma net income of 2 cents a share on $67.5 million in revenue in the third quarter. The company's guidance called for earnings of 2 cents a share on revenue ranging from $66 million to $69 million.

Tibco expects fourth-quarter revenue to range between $64 million and $70 million, short of the consensus estimate of $71 million. The company targeted earnings ranging from 2 cents to 3 cents a share, compared to the consensus estimate of 3 cents a share for the fourth quarter, which ends in November.

"We are seeing good things in the U.S; Europe continues to be shaky," said Tibco Chairman and CEO Vivek Ranadive. "It's hard to know if that was just summer shakiness or whether there's something fundamentally wrong in terms of the economy."

Tibco is the second company to report earnings for the quarter ending in August, following

Oracle

(ORCL) - Get Report

, which last week posted a surprising miss in license revenue for its first quarter ending in August.

However, some analysts attributed Oracle's results to company-specific issues and a typically slow summer first quarter, which, unlike Tibco, comes off of its historically strongest quarter. Tibco, which also would have been affected by summer doldrums, still does the most business in the quarter ending in November.

Tibco shares have largely sat out a larger tech rally, with their price largely unchanged from the beginning of the year. Shares of Tibco rose 7 cents, or 1.3%, Tuesday to close at $5.61. In after-hours trading, Tibco shares were trading virtually flat at $5.60.