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Borland: Worse than expected

The tools maker reports a 33 percent drop in revenues and a loss for the quarter, failing to ship new products and seeing interest in existing lines dwindle.

Troubled software tools maker Borland International (BORL) today reported a 33 percent drop in revenues and a loss for the quarter, as the company failed to ship new products and saw interest in existing lines dwindle.

The company posted a net loss of $29.4 million, or 81 cents a share, compared with net profits of $1.1 million, or 3 cents a share, a year ago.

Revenues, meanwhile, fell to $36.8 million for the quarter ending December 31, compared with $55.3 million a year ago.

Wall Street had been expecting the company to post a loss of 60 cents a share, according to First Call. Analysts revised their estimate downward, following an earlier announcement by the company that its third quarter would likely be lower than the street's estimates. Analysts previously had expected a loss of 16 cents a share.

Company officials attributed the loss to not shipping new products; a slowdown in sales of existing products while customers waited for the new lines to hit the market; and incurring operating losses from its recent accquistion of Open Environment.