Verity Cuts Forecast Again, Expects Loss
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Verity Inc. said it expects a loss instead of a profit in its fiscal first quarter, the second time in two months it has cut its outlook because of the weakened global economy.
Verity’s shares slumped $3.08, or 24%, to $9.62 on Nasdaq, after plunging to a record low of $8.85.
Sunnyvale, Calif.-based Verity, which makes software for searching the Internet, said for the first quarter ending Aug. 31, it expects to post a loss of as much as 12 cents a share, instead of the previously lowered outlook of earnings of 11 cents to 14 cents it predicted in June.
Analysts were expecting profit of 13 cents, on average.
The company said it sees fiscal first-quarter revenue in the range of $20 million to $24 million, compared with a previous estimate of $34 million to $36 million.
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