Unisys Corp., a technology outsourcing provider, posted an unexpected third-quarter net loss Thursday.
The Blue Bell, Pa., company said it lost $34.7 million, or 10 cents a share.
Wall Street analysts on average had predicted a profit of 4 cents for Unisys, whose sales fell 5.8%, to $1.31 billion, also short of projections.
Unisys posted a loss of $31 million, or 9 cents a share, in last year's third quarter.
Worsening economic conditions have prompted some Unisys clients, particularly those in the financial services industry, to pare back their technology budgets, Unisys said.
Many banks have sought to cut back as their borrowing costs have surged, spurred by a spate of bank failures following the collapse of the subprime mortgage market.
Unisys, which announced Oct. 8 that it had hired J. Edward Coleman as chairman and chief executive officer, has said it is reviewing its options to increase its value to investors.
Its stock had dropped 73% this year before Thursday; at midmorning its shares had climbed 9.23% from Wednesday's close, to $1.42.
