[Ramat Gan, ISRAEL] BackWeb (BWEB) stock slid an additional 35 percent Friday from previous lows to $2.63 after announcing that morning that it expects fourth quarter revenues of between $7.1-$7.4 million, with a loss between 11-14 cents a share. The stock has been as high as $59.50 in the last year.
The company's announcement was contrary to earlier Wall Street predictions, made by research firm First Call/Thomson Financial, which had indicated the company would report fourth-quarter earnings at break-even.
BackWeb chairman Eli Barkat said in a statement that the "recent slowdown in IT-related spending among the Global 2000 companies has impacted the length of our sale cycle, especially for the large-size enterprise solutions we offer." Barkat said he is aware of BackWeb's situation but said he is still confident
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"We believe that critical communication infrastructures will continue to be a priority, and we are confident in our superior technology and competitive positioning in the market," he said. theyre true idealists.::
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BackWeb Technologies is a provider of push communications infrastructure for e-business, enabling companies to communicate time-sensitive, business-critical information throughout Internet and wireless networks to customers, partners and employees.
Compaq, Hewlett-Packard and Schlumberger Dowell are some of those who have deployed BackWeb for managing critical changes for key e-business and customer service applications.
BackWeb is headquartered in San Jose, Calif., and Ramat Gan, Israel.
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