RadView stumbles over 4Q loss
The software testing company, which made its public debut in August priced at $10, saw its shares drop 0.47 to 2.63.
For the quarter, the company reported a loss of 24 cents a share, excluding stock-based compensation, wider than the First Call forecast of a loss of 18 cents a share. The result was also greater than the 19 cent a share loss reported in the same quarter last year.
Based on preliminary data, the company said it expects fourth quarter revenue to be between $2.7 million and $3.1 million, compared to the $3.1 million reported in previous quarter.
The company said that it has about $34 million in cash, which it said would keep the company going until it reaches positive cash flow, anticipated by the end of 2001.
In a release, CEO Ilan Kinreich said that the company was impacted by the slowdown in the software sector spending, particularly through a lengthened sales cycle and delayed purchasing decisions by customers.