The New York based Comverse Technology, Inc (NASDAQ:CMVT) reported on Thursday that its loss in the fiscal first-quarter narrowed as previous year’s quarter was lowered by a bigger figure of one-time charges.
Shares of Comverse Technology, which produces voicemail and cellphone billing software, fell as corporation reported a loss in its major business, when Wall Street anticipated a profit and revenue came in almost 9% lower than analysts’ forecast.
Comverse announced a loss of $53.2 million or 24 cents a share in the three months finished April 30, evaluated against a loss of $59.2 million or 29 cents a share in the previous year.
The company reported that revenue moved down 2% to $343.7 million from $349.5 million. Analysts anticipated revenue of $376.9 million.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Telefonaktiebolaget LM Ericsson (ADR) (NASDAQ:ERIC) fell -1.39% to settle at $8.54, Cisco Systems, Inc. (NASDAQ:CSCO) moved down -0.63% to end at $16.58 while BroadSoft Inc (NASDAQ:BSFT) jumped +1.15% to finish on Thursday at $29.10.
Comverse Technology, Inc. (NASDAQ:CMVT) on June 07, 2012 increased -7.41% to the closing price of $5.62. The overall volume in the last trading session was 16.44 million shares. Its fifty two week range was $5.40-$7.80. The total market capitalization remained $1.23 billion.
CMVT is down its 52 week low with -1.92% and lagging behind from its 52 week high price with -27.95%. CMVT last month stock price volatility remained 3.58%. In its share capital CMVT has 218.95 million outstanding shares among them 212.89 million shares have been floated in market exchange. CMVT stock institutional ownership remained 84.03% while insider ownership included 0.82%.
The stock price of CMVT is moving down from its 20 days moving average with -10.42% and remote negatively from 50 days moving average with -12.24%. CMVT current year earnings per share experienced an addition with +52.31% while its current quarter performance remained -8.77%. Company’s beta coefficient included 1.16. Beta factors measures the amount of market risk associated with market trade.
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