Stock Watch: Cornerstone Falls on Weak Third Quarter

Cornerstone Internet Solutions (Nasdaq: CNRS) fell 19/32 to 2 7/32 after the provider of business-to-business e-commerce services reported lower revenue and a larger loss for the third quarter ended February 29th. The company lost $3.29 million in the quarter, compared with a loss of $1.44 million in the same period last year. Revenue fell to $542,643 from $835,839.

The company said results were hurt by “a costly settlement with a former client,” smaller or delayed projects from existing customers and the loss of some experienced software developers.

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