) shares slid Friday after the company posted lackluster third-quarter results and forecast fourth-quarter earnings well below expectations. In the year to date, shares are down nearly 14 percent, including a drop Friday of more than 6 percent. The Palo Alto, California, company confirmed recently that it launched a strategic review Aug. 13 with the help of investment bankers Goldman Sachs and others. Tibco said Thursday it expects fourth-quarter adjusted earnings of $0.18 to $0.24 a share, on revenue of $290 million to $305 million. But Wall Street expects earnings of $0.32 a share, on revenue of $313 million. "It's important to remember that we have just completed the first quarter of what we've previously described as a three to four quarter transition," Chief Financial Officer James Johnson said in a conference call with analysts Thursday. Like many in the industry, Tibco is shifting its business model to subscription-based revenue from licensing. Third-quarter revenue fell 5.6 percent to $255.6 million from $270.9 million last year. Analysts expected $272.5 million. Adjusted earnings of $0.14 also missed expectations -- by $0.04 a share -- while net earnings tumbled to $2.6 million or $0.02 per share from $21.3 million or $0.13 per share last year. In an August letter to Tibco's board shareholder Praesidium Investment Management Co. said a strategic acquirer "could pay a sizable premium to the current public market valuation and earn very high returns on an acquisition." But