Updated from 10:34 a.m. EDT
Shares in digital video company
plunged 59% Tuesday after it said that its quarterly earnings would be significantly lower than analysts had expected.
For its fiscal fourth quarter that ended June 30, Pinnacle announced before the open of trading that it will earn 6 to 8 cents per share, off 50% to 62.5% from the 16-cent analyst consensus, according to research firm
First Call/Thomson Financial
. The company earned 13 cents a share in last year's fourth quarter.
Pinnacle finished regular trading down 13 7/16, or 59%, at 9 3/16 after reaching a 52-week low of 8 13/16.
In a brief statement, the company added that sales for the fourth quarter are expected to be around $62 million, a 30% increase compared to the same period a year ago. "Nonetheless, this was below our expectations for the quarter, impacting our profitability," said Mark Sanders, Pinnacle's president and chief executive officer. "The fourth quarter was particularly back-end loaded and a significant amount of business closed in the last week on terms less favorable than expected."
Mountain View, Calif.-based Pinnacle is scheduled to release earnings July 25.
Pinnacle's announcement is only the latest in a round of earnings
warnings from tech companies.