Spyglass Inc?s shares fell yesterday as the browser supplier issued a profits warning for its third fiscal quarter.
The company?s shares dropped $1 1/16 to $7 15/16 on Nasdaq, after Spyglass said that it expects to report a third quarter loss of between $0.26-28 a share, much worse than Wall Street expected at $0.12. The stock rallied again to $8 and 1/8 today.
Spyglass also said it anticipated revenues of between $2-2.3 million, less than half the $6 million reported in the equivalent period last year, when it earned $862,000 or seven cents per share.
Doug Colbeth, Spyglass? president and chief executive, explained the shortfall by saying the market for Internet-enabled devices had remained in the early adoption phase, with opportunities for revenue generation being limited to initial development and professional services fees.
The company changed tack last year to focus on selling its products into the market for non-computer devices that could attach to the Internet. It had formerly concentrated on selling to software OEMs.
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