Open Market, Inc. (Nasdaq: OMKT) plunged 4 3/4 to 10 1/8 Wednesday after the e-business software company reported weaker-than-expected first-quarter results. Analysts at two brokerage firms downgraded the stock after the report.
Revenue for the quarter rose to $24.8 million from $16.6 million, while e-business-related revenue rose 77 percent to $23.5 million. However, the company reported a net loss of $4.8 million, or 11 cents a share, for the quarter, compared with a loss of $5.2 million, or 12 cents, in the year-earlier quarter. Analysts were expecting a loss of 7 cents.
Still, President and Chief Executive Ron Matros said the company is “well on track” to achieve “profitability during the year.” Open Market said it signed 73 new enterprise deals in the first quarter, and added 20 joint content and commerce customers.
Wit Soundview cut its rating on Open Market to buy from strong buy, while A.G. Edwards lowered its recommendation from accumulate to maintain position, according to Briefing.com.
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