Razorfish shares plummet on earnings warning
Shares in US internet services company Razorfish slumped sharply during after-hours trading last night after the company warned that its fourth-quarter earnings would be below expectations.
LONDON (Brand Republic) - Shares in US internet services company Razorfish slumped sharply during after-hours trading last night after the company warned that its fourth-quarter earnings would be below expectations.
The company said it expects to report a net loss of 17-22 cents a share and revenue of $50m, well below Wall Street forecasts of a profit of 2 cents a share and revenue of $82.65m. The fourth quarter ends on December 31 2000.
Razorfish attributed its revised outlook to “macroeconomic trends that have made companies more wary about investments in technology”, and longer complex projects as companies move beyond phase one of their digital transformation.
Razorfish shares, listed on Nasdaq, had risen to $3.09 by close of trade on Tuesday, but fell to $2 after the market closed.
In October, Razorfish laid off 8%-10% of its 2,000 employees in a move to help the company remain profitable.
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