UPDATE: Guidewire Software FQ1 Profit Drops 92%

Guidewire Software

reported a 92% drop in its fiscal first-quarter earnings. Guidewire Software's quarterly profit fell to around $400,000, or a penny per share, from $4.8 million, or $0.09 per share, in the year-ago period. Excluding one-time items, the company earned $0.11 per share. Its revenue climbed 21% to $63.3 million. The company in September expected adjusted earnings between breakeven and a loss of $0.02 per share on revenue of $59 million to $62 million. Guidewire Software's gross margin dropped to 56.5% from 62.8%. Guidewire Software shares dropped 10.22% to $26.45 in after-hours trading.