NEW YORK (AP) -- Shares of Brightcove tumbled Friday to their lowest point since going public nearly a year ago as the company's full-year and first-quarter forecasts failed to meet Wall Street's expectations.
THE SPARK: Brightcove, which provides cloud-based video streaming services, said Thursday that it expects a fiscal 2013 adjusted loss of 18 cents to 25 cents per share on revenue between $102 million and $105 million.
For the first quarter, the company foresees an adjusted loss of 8 cents to 10 cents per share on revenue in a range of $23.5 million to $24 million.
Analysts surveyed by FactSet predict a full-year loss of 13 cents per share on revenue of $106.3 million. Its first-quarter loss is expected to be 6 cents per share on revenue of $24.1 million.
THE ANALYSIS: RBC Capital Markets' Robert Breza downgraded Brightcove to "Outperform" from "Top Pick" and cut its price target to $16 from $20.
In a client note, the analyst said that he expects a full-year loss of 19 cents per share on revenue of $107.3 million and a first-quarter loss of 9 cents per share on revenue of $23.8 million.
Breza said that the soft forecasts would likely "keep a lid on the stock over the near term."
SHARE ACTION: Brightcove Inc.'s stock slid $1.84, or 21.8 percent, to $6.59 in midday trading. The shares declined to $6.26 earlier in the session, which is the lowest they've traded since the company went public on Feb. 17, 2012.
The Cambridge, Mass., company's stock is down 42 percent since opening at $14.50 on its first trading day.