Nuance Falls After Q3 Results

released its fiscal third-quarter earnings results after the closing bell on Tuesday. The company reported earnings per share and revenue that came in ahead of Wall Street estimates. In late trade, Nuance shares were last trading down better than 6 percent to $18.10.

“Nuance's revenue improved in the third quarter, and strong third quarter design wins and bookings in our recurring revenue streams position us well for improved performance in fiscal 2014,” said Paul Ricci, Nuance Chairman and CEO. “We continued to deliver innovative solutions and drive market penetration in strategic markets such as connected cars, voice-enabled televisions, healthcare revenue cycle management, mobile customer care and voice biometrics.”

Nuance reported a loss of $35.0 million or $0.11 per share, compared to net income of $79.3 million or $0.25 per share, in last year's corresponding period. On an adjusted basis, the company earned $109.5 million or $0.34 per share, compared to $143.7 million or $0.45 per share, in last year's third-quarter. This topped Wall Street analysts' consensus EPS estimates of $0.32. Revenue in the quarter was $469.77 million from $431.74 million last year. On an adjusted basis, revenue was up 9.5 percent to $490.79 million from $448.21 million a year ago. This also topped analysts' consensus revenue expectations of $487.64 million.