Software supplier Bea Systems has cut its earnings forecast for the coming fiscal year, amid fears of a slowdown in the marketplace.
Stock in the San Jose, California based company fell by half after it warned analysts last week that an economic slowdown had began hitting its business in the third quarter ended 31 October.
Steven Brown, Bea?s chief financial officer, said the company had lost out on a number of deals it had expected to close in that quarter, and that underlying concerns about the economy could result in flat revenues for the company in future.
Bea, which specialises in enterprise and network software, reported a net loss of $6.2 million for its third quarter, compared to a profit of $3.5 million in the same period last year.
However, that included charges relating to its recent acquisition of another software company, Weblogic. Without those charges, income would have been $5.3 million.
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