Market Overview

Concurrent Computer Falls 28% After Hours (CCUR)

Shares of Concurrent Computer Corporation (Nasdaq: CCUR) are plunging during after hours trading, after the company reported an unexpected loss late on Monday.

Concurrent Computer Corporation reported a fiscal 1st quarter net loss of $1.2 million, or 14 cents per share, compared to a net loss of $1.0 million, or 12 cents per share, a year earlier.

Revenue rose to $15.5 million, up from $12.8 million a year earlier.

A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 3 cents per share.

President and chief executive officer Dan Mondor said, "Over the near term, we anticipate results will continue to be restrained by cautious customer spending patterns, as well as by ongoing investments we are making in the transformation of the company. We are encouraged by excellent customer acceptance of both our strategy and our newly introduced video and media data solutions. We believe these reflect important long term growth engines for the company as the industry continues to recognize that the value of data as a currency is real and permanent."

Concurrent Computer Corporation (CCUR) ended the Monday trading session at $6.90 per share but was down 28.2% at $4.95 per share during after hours trading. Analysts covering the company's stock have a consensus price target of $5.00 per share.

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Posted-In: Earnings News Movers

 

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