NetSol Technologies Inc. missed Wall Street expectations for earnings and revenue in the fiscal first quarter.
The Calabasas software developer for the vehicle and equipment leasing markets reported on Tuesday a net loss of $1.8 million (-16 cents a share) for the quarter ending Sept. 30, compared with net income of $962,589 (8 cents) in the same period a year earlier. Revenue decreased by 17 percent to $13.6 million.
The one analyst following the company expected earnings of 15 cents on revenue of $15.2 million, according to Thomson Financial Network.
NetSol Chief Executive Najeeb Ghauri said the company picks up in the new fiscal year where it left off at the end of the previous one – in the middle of a transition as it builds its business for the next phase of growth.
“As the first major step in that process, we are now offering subscription-based pricing to serve as an alternative to the traditional license model, which should help us to build more consistent revenue streams into the future and also remove significant upfront costs for potential customers,” Ghauri said in a statement.
Shares in NetSol (NTWK) closed Tuesday down 97 cents, or 17 percent, to $4.73 on the Nasdaq.
Interlink Electronics Inc. saw an increase in revenue and earnings in the third quarter.
The Camarillo manufacturer of touchpads and computer mouse products for rugged environments reported on Tuesday net income of $111,000 (2 cents a share) for the quarter ending Sept. 30, compared with net income of $99,000 (2 cents) in the same period a year earlier. Revenue increased by 12 percent to $2.2 million.
No analysts follow the company.
Chief Executive Steven Bronson said the company had a good quarter and that there was stabilization in some industries it serves and a return to growth in other segments.
During the quarter, Interlink released three new products and announced the possible listing of its common stock on a U.S. or foreign stock exchange in 2020.
“It is important to note that this is being considered based on our strategy to actively pursue acquisitions,” Bronson said in a statement.
Shares in Interlink (LINK) closed up 5 cents, or just more than 1 percent, to $4.55 on the over-the-counter market.