Stock Alert: EGain Tanks 30% On Outlook

(RTTNews) - Shares of eGain Corp. (EGAN) tanked 30% on Wednesday morning hurt largely by the software-as-a-service provider's second-quarter outlook, which is below current estimates.

EGAN is currently trading at $11.65, down $5.29 or 31.23%, on the Nasdaq.

On Tuesday, eGain said it expects to report adjusted earnings between a loss of $0.02 to earnings of $0.02 per share and sales of $18.1 million to $18.7 million. Analysts polled by Thomson Reuters estimated earnings of $0.06 per share on revenues of $19.84 million.

For the first quarter, eGain reported net income of $2.0 million or $0.06 per share, compared to $1.2 million or $0.04 per share last year. Adjusted earnings were $2.5 million or $0.08 per share, compared to $1.7 million or $0.05 per share last year.

Revenue rose 10.90% to $19.06 million from $17.19 million last year.