CEO Brian Cowley said he was disappointed with the results, noting that the company’s recent investments have not quite paid off. The company recently acquired Europe’s MPC, and started a handset certification platform installation at China Mobile.
“In the near-term, we are focused on improved sales execution, particularly aligning our sales efforts to match the engineering resources we have on staff,” Crowley said in a statement. “Improving our engineering utilization will help increase our service margins, which remain sub-optimal. As we scale our business, we will benefit from the larger, but more strategically relevant infrastructure we have built in the last year. Overall, I am disappointed with this quarter’s results, but I remain optimistic about our overall business opportunities and believe we have a platform from which we can drive revenue growth and incremental profitability.”
The stock fell 2.73 percent in trading today, and nearly two percent in after hours. It is down 47 percent on the year.