Oct 29 (Reuters) - Online photo-sharing service ShutterflyInc forecast current-quarter results way belowanalysts' estimates, sending its shares down 10 percent inextended trading.
The company, which competes with Hewlett-Packard's Snapfish, said it expected fourth-quarter adjusted profit of 95cents-$1.11 per share on revenue of $392.1-$405.1 million.
Analysts on average expected a profit of $1.45 per share onrevenue of $414.7 million, according to Thomson Reuters I/B/E/S.
Needham & Co analyst Kerry Rice said the market could beover-reacting. The company usually forecasts "prettyconservatively" but has beaten analysts' estimates for the lastfive quarters, he said.
Shutterfly, which already has apps for Apple Inc's iPhones and iPads, recently launched an app for Google Inc's Android-powered phones. The company now gets a quarterof its traffic from mobile devices.
Application downloads on smartphones, tablets and othermobile computing devices will increase to 187 billion in 2017from 87.8 billion in 2013, IDC forecast in June. ()
Shutterfly's revenue rose 25 percent to $122.7 million inthe third quarter ended Sept. 30, beating analyst estimate of$118.4 million.
The company gets most of its revenue from selling photobooks, greeting cards and stationery from users' photos.
The company's quarterly net loss narrowed to $10.1 million,or 27 cents per share, from $10.5 million, or 29 cents pershare.
The company posted an adjusted loss of 24 cents per share.Analysts on average had expected a loss of 60 cents per share.
Shutterfly's shares, which have risen about 22 percent inthe last three months, closed at $52.26 on the Nasdaq onTuesday.
- Investment & Company Information