YOU ARE AT:CarriersWith losses ongoing, Motricity stock takes a beating

With losses ongoing, Motricity stock takes a beating

Motricity Inc. (MOTR) stock is down more than 53% after the company announced a $4.3 million loss in the recently closed quarter. While the company narrowed its losses from $11.6 million in the year-ago period, Wall Street continues to hammer the company for its continued setbacks, including a delayed acquisition of mobile advertiser provider Adenyo.
The Bellevue, Wash.-based company also announced that it would be replacing CFO Allyn Hebner and Jim Ryan, who served as chief strategy and marketing development officer.
Revenues for the second quarter were up 14% year-over-year to $34.6 million and 29% of total revenue came from outside the United States, it noted.
“Our financial results are below our expectations, due to headwinds in our North America carrier business, increased competition in the international market which impacted our ability to close new deals, and a later than expected closing of the Adenyo transaction,” CEO Ryan Wuerch said in a prepared statement. “We believe that Motricity continues to be well positioned to capture opportunities in the rapidly growing mobile technology sector based on our strong carrier relationships and an increasing presence in mobile marketing and advertising, and we are focusing on improving our sales execution to match that of our operations.”

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Matt Kapko
Matt Kapko
Former Feature writer for RCR Wireless NewsCurrently writing for CIOhttp://www.CIO.com/ Matt Kapko specializes in the convergence of social media, mobility, digital marketing and technology. As a senior writer at CIO.com, Matt covers social media and enterprise collaboration. Matt is a former editor and reporter for ClickZ, RCR Wireless News, paidContent and mocoNews, iMedia Connection, Bay City News Service, the Half Moon Bay Review, and several other Web and print publications. Matt lives in a nearly century-old craftsman in Long Beach, Calif. He enjoys traveling and hitting the road with his wife, going to shows, rooting for the 49ers, gardening and reading.