Openwave Systems posts $14.7M loss in Q3
One week after announcing that its CEO had stepped down and that the company expected a Q3 loss (story here ), Openwave Systems announced that it did indeed lose $14.7 million in its third quarter of 2008.
In the same quarter a year earlier, Openwave lost $32.5 million. Revenues for the third fiscal quarter, ended March 31, were $58 million, compared with $63.2 million in the prior quarter and $62.7 million in Q3 2007. Bookings for the quarter were $57.1 million.
“I am pleased that we were able to achieve an improved bottom line result despite lower than anticipated revenue,” said Charles Levine, Openwave’s chairman of the board. “The revenue was impacted by a number of key contracts, for which purchase orders had not been received by the end of the quarter.”
Robert Vrij quit as Openwave’s president and CEO, effective April 16. Openwave, which makes software that converges mobile and broadband technologies, has hired Bruce Coleman as its interim CEO, while also engaging the services of executive search firm Spencer Stuart to find a permanent CEO.
More Broadband Direct:
• Broadband Briefs for 4/24/08