UPDATE: Bazaarvoice Shares Tumble Despite Upbeat Earnings

Shares of

dipped more than 11% in after-hours trading, despite the company reporting stronger-than-expected earnings for the third quarter. The Austin, Texas-based company posted a quarterly GAAP net loss of $4.1 million or $0.05 per share, versus a year-ago loss of $8.4 million or $0.11 per share. Excluding items, adjusted loss was $0.1 million, or $0.00 per share. Its revenue surged 14% to $49.6 million from $43.6 million. However, analysts were projecting a loss of $0.06 per share on revenue of $49.34 million. SaaS revenue came in at $46.4 million during the quarter, while net media revenue was $3.1 million. Adjusted EBITDA was $2.0 million in the latest quarter, versus a year-ago loss of $3.5 million. Its operating expenses shrank to $34.5 million in the quarter, versus $37.8 million last year. At the end of the third fiscal quarter, the number of active clients was 1,315, while the number of network clients was over 2,900. "Our third quarter financial results reflect continued progress for Bazaarvoice. We delivered revenue growth of 14% year over year and generated positive Adjusted EBITDA for the first time as a public company," said Gene Austin, chief executive officer and president. Bazaarvoice shares dipped 11.89% to $8.00 in the after-hours trading session.