REDWOOD SHORES, Calif. (AP) — Saba Software Inc. said Thursday that it's delaying the release of its fiscal third-quarter results, because it needs more time to review the accounting treatment of certain international transactions.
The news sent shares of Saba, which provides offsite data "cloud" computing services for companies, tumbling $1.75, or 14.4 percent, to $10.40 in morning trading Thursday. Its shares had been approaching their 52-week high of $13.11.
The Redwood Shores, Calif.-based company had previously planned to release its results after the markets closed on Thursday. Once the review is complete, Saba said it will release the quarterly results and file its quarterly report with the Securities and Exchange Commission. It did not estimate how much time it will need to complete its review,