Compuware shares plunge on weak 2Q, forecast
DETROIT (AP) — Compuware Corp.'s shares plunged Wednesday after the software company reported that its second-quarter profit fell 53 percent and it issued a weak full-year forecast.
Compuware's profit came to $10.6 million, or 5 cents per share, for the period that ended Sept. 30. Revenue fell 15 percent to $220.6 million. Analysts polled by FactSet expected profit of 6 cents per share on revenue of $232.4 million.
The company also said that it expects to earn 36 to 40 cents per share for its 2013 fiscal year, with revenue of $980 million to $995 million. For the year ending in March, analysts had forecast earnings of 43 cents per share on revenue of $1.03 billion.
Still, the company, which is based in Detroit, said it had "positive momentum."
Shares fell $1.12, or 12 percent, to close at $8.37. Shares bottomed at $7.97 earlier, their lowest point since February.