ServiceSource International Inc. (NASDAQ:SREV) recently announced its second-quarter financial results, which led the company's small cap stock to fall throughout the day.
The revenue management firm announced a net loss of $36.8 million, or 50 cents per share, compared to a loss of $1.1 million, or 2 cents per share, in the same period last year. A Reuters survey of analysts showed the company was expected to bring in earnings of 1 cent per share for the quarter, according to RTTNews.
ServiceSource reported its revenues grew 23 percent to $59.7 million, compared with $48.5 million in 2011. Analyst estimates pegged revenue to rise to $59.09 million for the quarter. Looking forward, the firm said it expects revenues to fall to between $57.5 million to $59.5 million in the third quarter.
The company did stand by its projection for full-year guidance of revenue that could be as high as $249 million, equal to analysts' current estimates.
As of 4:00 p.m. on August 1, 2012, shares of ServiceSource were down 29.3 percent, or $3.30, to $7.98.