Updated from 11:24 a.m. EST

Vignette

(VIGN)

fell sharply Monday after warning fourth-quarter revenue would come in well below estimates.

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The Austin, Texas-based software maker said revenue will be $50 million to $52 million, well short of its previous guidance of $63 million to $72 million. It cited continued unwillingness among companies to spend on technology.

In addition, Vignette forecast a fourth-quarter core loss of 4 cents to 6 cents a share, wider than previous guidance for a loss of 1 cent to 3 cents a share. The company is also expected to write off a large part of about $1 billion of intangible assets during the quarter.

Vignette's shares were recently losing $1.20, or 22%, to $4.30.