Smith Micro Software Inc posted a quarterly profit that beat analysts' estimates by a penny, but revenue missed, hurt by a tough economic environment, and the company cut its full-year revenue view, sending its shares down 20 percent.
The company, which provides software and services mainly for the mobile industry, cut its 2009 revenue outlook by 5 million to $105 million to 110 million, citing uncertainty and limited visibility due to the continuing negative economic environment.
For the third quarter, the company posted earnings of $2.0 million, or 6 cents a share, compared with a loss of $1.6 million, or 5 cents a share, a year ago. Excluding items, it earned 20 cents a share.
Analysts average profit view, excluding exceptional items, was 19 cents a share according to Thomson Reuters I/B/E/S.
Revenue rose 4 percent to $27.8 million, but fell short of market estimates of $29.4 million.
Shares of the Aliso Viejo, California-based company fell $1.82 to $7.25 in trading after the bell. They closed at $9.07 Wednesday on Nasdaq.
(Reporting by Savio D'Souza in Bangalore; Editing by Pradeep Kurup)