SAN FRANCISCO (AP) -- Shares of RealD Inc. sank 16 percent Friday after the 3-D technology licensing company reported first-quarter net income that beat analyst expectations but revenue well below Wall Street estimates.THE SPARK: Late Thursday, RealD said its fiscal first-quarter net income more than tripled to $9.6 million, or 17 cents per share, compared with $2.9 million, or 9 cents per share, a year earlier.Analysts polled by FactSet were expecting 4 cents per share.The company's overall net income totaled $9.4 million, down slightly from $9.9 million last year.Revenue fell 8 percent to $59.6 million. Analysts expected $79.2 million in revenue.License revenue rose 39 percent to $35.7 million. The company's product and other revenue dropped 39 percent to $23.8 million -- a change RealD attributed in part to more international consumers reusing the RealD 3-D glasses they'd bought at previous movie screenings.RealD licenses its 3-D technology for use in movie theaters and in consumer electronics.By the end of the quarter, there were 17,500 movie screens using its technology across the country, compared with 7,500 screens at the same time a year earlier.THE ANALYSIS: In a client note, William Blair analyst Ralph Schackart called the results "mixed" and said that due to how 3-D movies have been doing at theaters he lowered his expectations for how much box office revenue 3-D will account for. Still, he thinks that 3-D can bring "significant" return on investment for studios, investors, theaters and others."We remind investors that RealD is the global leader in theatrical 3-D technology with more than 50 percent market share, and the company has a strong portfolio of technology applicable to in-home 3-D as well -- which we consider a `call option' on the shares," he said.Schackart kept his "Outperform" rating for the stock.SHARE ACTION: RealD shares sank $2.94, or 16 percent, to finish trading at $15.48. During the day, the stock traded as low as $14.50 -- it's cheapest price in the past year, and well below the $16 price of its initial public offering last July. The shares have traded as high as $35.60 during the year.