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PALO ALTO, Calif. (AP) — Jive Software Inc., which makes Facebook-type social networks for businesses, on Tuesday reported a smaller loss and higher revenue. But the midpoint of its full-year guidance fell below analysts' expectations, sending shares tumbling in after-hours trading.
On a conference call with analysts, the Palo Alto, Calif.-based company said it ended the second quarter with 707 customers, compared with 676 customers at the end of last quarter and 635 in the year-ago period. The company noted that services revenue was down sequentially in part because its packaged services are lowering the requirement for professional services and because there are fewer services required as part of Jive's public Cloud-based products which are rapidly growing as part of its overall product mix.
Jive, which went public in December, reported a loss of $11.6 million, or 19 cents per share, in the April-June period. That compares with a loss of $16.1 million, or 68 cents per share, in the same period a year earlier when it was still privately held.
Excluding one-time items, Jive's loss amounted to 11 cents per share in the latest quarter, matching Wall Street's expectations. Revenue grew 51 percent to $27 million from $17.9 million.
Analysts, on average, were expecting a loss of 11 cents per share on revenue of $26.8 million, according to a poll by FactSet.
For the current quarter, Jive is forecasting an adjusted loss of 10 cents to 12 cents per share on revenue of $28 million to $29 million. Analysts are expecting a loss of 10 cents per share on revenue of $29.6 million. The company did note on the call that it did see softness in its European business due to the overall economic issues in the region.
For the full year, Jive predicted an adjusted loss of 38 cents to 42 cents per share on revenue of $110 million to $113.5 million. Analysts are predicting a loss of 39 cents per share and revenue of $112.9 million.
Jive's stock fell $1.41, or 7.3 percent, to $18.01 in after-hours trading. The stock had closed the regular session up 31 cents at $19.42.