Velti Plc (NASDAQ:VELT) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 31.0%.
Velti Plc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.25 in the quarter versus EPS of $-0.01 in the year-earlier quarter.
Revenue: Decreased 46.84% to $31.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Velti Plc reported adjusted EPS loss of $0.25 per share. By that measure, the company missed the mean analyst estimate of $-0.21. It missed the average revenue estimate of $43.15 million.
Quoting Management: “While we understood there would be challenges to improving Velti’s financial position and driving long-term growth, the second quarter proved to be more difficult than expected,” said Alex Moukas, chief executive officer. “We continued however to take significant steps to focus the company on predictable business, customers and geographies. We also began a major restructuring effort to align our organization to our business strategy and current revenue level, removing approximately $40 million in annualized costs, in addition to our previously announced $40 million reduction of capital expenditures.
Key Stats (on next page)…