Harris Interactive plunges on negative FY08 outlook
Harris Interactive Inc. (Nasdaq: HPOL) shares are in a freefall after the professional services firm said in an announcement that it expects fiscal 2008 results near the lower end of its guidance but that the “volatile and rapidly changing macroeconomic outlook could continue to negatively impact our results.”
Before the opening, Rochester, N.Y.-based Harris posted second-quarter earnings of $2.1 million, or $0.04 per share, down 42% from $3.6 million, or $0.06 per share, a year earlier. Analysts predicted, on average, earnings of $0.06 per share.
Quarterly revenue totaled $62.7 million, up 13% from $55.7 million during the year-ago period. Wall Street analysts projected revenue of $68.2 million.
“Our global expansion and harmonization strategy is working. Newly armed with Harris capabilities, our German, French and Asian groups grew nicely in the quarter,” CEO Gregory Novak said in a statement. “Deteriorating economic conditions in North America continue to cause disruption — especially in our health-care and financial services groups, reinforcing the fact that in addition to the aforementioned benefits gained from global expansion, a larger footprint will help buffer the effects of industry and regional economic declines.”
In midday trading, HPOL shares are down 20.51%, or $0.65, at $2.52. Over the last 52 weeks, shares have ranged from $2.42 to $6.50.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
Read More
(click a star)
Enter comment: