More bad news from the financial technology front: global transaction software firm Fundtech, which mildly missed revenue forecasts for the third quarter ($31.5 million, short of $31.8 million), reports that it expects lower earnings and revenue in fourth-quarter and year-end results because of delayed deals with struggling bank clients.
Fourth quarter earnings are expected to land somewhere between $29.5 million and $30.5 million, down from analyst expectations of more than $33 million, and its FY2008 GAAP earnings estimates have been lowered from $0.39-$0.49 a share to between $0.13 and $0.19 a share for the Jersey City, NJ company.
"While in the third quarter we continued to post good growth we are expecting some delays in the fourth quarter in closing new bookings with several global bank customers who are impacted by the unsettled macro economic conditions," says CEO Reuven Ben Menachem, in a news release.
"Looking towards next year, we believe that we have a healthy pipeline of Global PAYplus deals that will offset any potential decline in revenues from our existing global bank customers,” he added.
