ServiceSource posts loss in 3Q, Symantec’s group president leaves

Shares of Servicesource International Inc (NASDAQ:SREV) dropped sharply on bad results and weak outlook.

The company which produces software for service revenue management posted a net loss of $3.6 million or 5 cents a share for the quarter ended September 30.  In comparison, the company had earned a net loss of $2.8 million or 4 cents a share in the prior year quarter.

After adjusting items like stock compensation expenses, the San Francisco based company earned 2 cents a share, compared to 1 cent in the same period last year.

Company revenue rose 18 percent to $59.1 million.

Analysts had expected adjusted loss of 1 cent a share on revenue of $58.9 million.

For the fourth quarter, the company sees earnings in the range of 1 cent to 2 cents a share and revenue of $62 million to $64 million.  For the full year, the company has reduced its guidance to earnings of 6 cents to 8 cents a share on revenue of $238 million to $240 million.

The stock dropped $.80 or nearly 36 percent to $5.42 in the opening session and made a new low of $5.06.

Symantec Corporation(NASDAQ:SYMC) has said that one of its group presidents, Rowan Trollope, is leaving the company. This is the second high profile exit since the maker of anti-virus software fired its CEO in July.
According to the filing with the Securities and Exchange Commission, Trollope resigned effective November 12. He headed units focused on cloud computing and those that dealt with small and medium-sized clients.
The company has not named his successor yet.
Last month, the software company’s global sales chief quit the company and new CEO, Steve Bennett, took control of the sales force.
The board has assigned Bennett the task of rejuvenating the company. The Symantec stock price has been languishing in recent years.
Shares of SYMC rose 0.67% to $18.84.
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