Saba Software 1Q loss more than doubles
REDWOOD SHORES, Calif. (AP) — Saba Software Inc. said Tuesday that its fiscal first-quarter loss more than doubled compared to the same period last year but the results were still better than analysts expected, sending shares up more than 10 percent in after-market trading.
Saba, which provides offsite data "cloud" computing services for companies, said late Tuesday that in the quarter ended Aug. 31 it lost $5.8 million, or 20 cents per share, compared to a loss of 1.7 million, or 6 cents per share, during the same period last year.
Saba said its revenue for the quarter was $30.6 million, compared to $27.2 million during the same period last year.
It reported an adjusted loss of 12 cents per share after accounting for compensation and reorganization costs.
The results beat analyst expectations for adjusted net income of a loss of 19 cents per share on revenue of $29.7 million.
Saba reaffirmed its full-year 2012 forecast for a loss of between 39 cents and 45 cents per share. It expects to post an adjusted loss between 17 cents and 23 cents per share. The company expects full-year sales to be between $130 million and $133 million.
Analysts were expecting adjusted loss of 22 cents per share, on revenue of $131 million.
Shares of Saba jumped 64 cents, or 11.4 percent, to $6.25 in after-market trading.