YORK, April 27 (Reuters) - Shares of Tumbleweed Communications Corp. (nasdaq: TMWD - news - people), an e-mail security company, slid 40 percent on Tuesday after the company reported quarterly results that fell short of analysts' estimates.
The Redwood City, California-based company late Monday reported a net loss of $531,000, or 1 cent a share, in the first quarter. On a pro forma basis, profit was nil per share, compared with analysts' expectation for profit of a penny a share, according to the consensus estimate reported by Reuters Research.
The company entered the first quarter "confident and exited bruised," analyst Maria Lewis Kussmaul, of America's Growth Capital, wrote in a research report. She wrote that the company's second-quarter revenue outlook was "meek."
The company said it now expects a pro forma loss in the second quarter of 2 cents to 4 cents a share on quarterly revenues of roughly $10.5 million to $11.5 million. Analysts are projecting a loss of 2 cents a share on revenue of about $11.2 million, according to Reuters Research, a unit of Reuters Group Plc.
Tumbleweed also late Monday announced management changes including the resignation of its president and chief operating officer, John Vigouroux.
Shares fell $3.09 to $4.51 on Nasdaq. Shares have traded in a range of $1.16 to $8.84 over the past 52 weeks.
Copyright 2004, Reuters News Service |
