PALO ALTO, Calif. (AP) -- Business software maker Jive Software Inc. on Tuesday said its second-quarter loss widened despite revenue growing, and its full-year outlook was below expectations.
Shares of the company plunged 18 percent in after-hours trading to $13.98.
The net loss in the three months ending June 30 grew to $17.8 million, or 27 cents per share. That compares with a loss of $11.6 million, or 19 cents per share, a year ago.
Excluding stock-based compensation costs and other items, the adjusted loss came to 14 cents per share, better than the 16 cents expected by analysts polled by FactSet.
Revenue grew 31 percent to $35.2 million, matching the forecasts of analysts.
Looking ahead, the company said it expected a third-quarter adjusted loss of 14 cents to 16 cents per share. The midpoint is slightly worse than the 14-cents-per-share loss analysts were looking for. It also expected third-quarter revenue of $36 million to $37 million, below the $38.2 million analysts are expecting.
For the full year, the company expects an adjusted loss of 59 to 62 cents per share on revenue of $144 to $146 million. Analysts were looking for an annual loss of 43 cents per share on revenue of $150 million.
Jive CEO Tony Zingale said that the market for business software that helps employees interact with each other has shifted to mainstream buyers, which he identified as a challenge and an opportunity.
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