BURLINGTON, Mass. (AP) -- Software maker Nuance Communications Inc. reported late Thursday that its first-quarter net income rose as revenue climbed for its health care, mobile and imaging applications, but its adjusted earnings and revenue fell short of analysts' expectations and its shares plunged about 13 percent after hours.
The company, based in Burlington, Mass., reported after the markets closed that it earned $9.3 million, or 3 cents per share, for the quarter. In the same quarter last year, the company lost $9,000, which amounted to breaking even on a per-share basis.
Excluding acquisition costs, restructuring charges and other one-time items, the company earned 34 cents per share, compared with 28 cents per share last year. But analysts were looking for adjusted earnings of 36 cents per share, according to FactSet.
Nuance has bought a number of other companies over the past few years, including Equitrac, eCopy and Loquendo, which skewed its results.
The company's revenue rose nearly 19 percent to $360.6 million with gains across its business segments during the quarter. The company reported adjusted revenue of $382 million, which includes revenue lost in accounting measures tied to recent acquisitions. It said its health care and mobile and consumer revenue rose by almost one-fourth on that basis.
But analysts were expecting still higher adjusted revenue of $392.1 million.
The shares sank $4.05, more than 13 percent, to $26.40 in after-hours trading, before settling around $26.57. They had ended regular trading at $30.45, up $1.12, or 3.8 percent.
The company's quarterly and full-year forecasts are roughly in line with analysts' expectations.
In the current quarter, Nuance said it expects adjusted earnings of 36 cents to 40 cents per share and adjusted revenue of $395 million to $415 million. Analysts on average expect 38 cents per share in adjusted earnings and revenue of $405.2 million, according to FactSet.
For the full year, Nuance projects earnings of $1.55 to $1.62 per share on revenue of $1.66 to $1.71 billion, both adjusted. Analysts expect $1.59 per share on revenue of $1.69 billion
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