Micros Systems, Inc. (Nasdaq: MCRS) plunged 33 percent Wednesday after it said revenue and earnings for the fourth fiscal quarter will be below analyst expectations.
Shares fell 8 15/32 to 17 5/32, or 33 percent, far below their 52-week high of 76 1/4. The stock also got cut to "hold" from "long-term buy" at BB&T Capital Markets.
The company now expects to report a loss in the range of 15 to 20 cents a share. First Call was expecting a profit of 59 cents a share.
Revenue for the quarter ending June 30, is expected to be in the range of $80 million to $85 million. Net income is expected to be a loss in the range of $2.6 million to $3.5 million.
"After 4 years of strong revenue and earnings growth, we are experiencing a slowdown in customer orders due in part to the after effect of Y2K and longer than normal sales cycles of information technology purchases," said Tom Giannopoulos, Micros's President and CEO in a press release.
He added that the slowdown is expected to be temporary, judging by the high level of major account customer negotiations underway.
Micros plans to release its fourth quarter and 2000 fiscal results on August 30, 2000.
The company's top competitors include NCR (NYSE: NCR), Radiant (Nasdaq: RADS) and Verifone, a division of Hewlett-Packard (NYSE: HWP) according to Hoover's Online.