Singleton attributed the fall off to "channel disruption associated with a vendor push to accelerate the adoption of new cloud-based applications, a curtailment of IT spending by customers across all of our service offerings and underperformance in the United Kingdom." Singleton says the company has taken steps to "manage billable consultant headcount and reduce operating expenses" but did not specify what those were. Despite the problems, Edgewater anticipates reporting double-digit revenue growth for the year. The company will report results on November 2.
EDGEWATER REVS TO FALL SHORT Featured
Edgewater Technology says anticipated service revenue for the third quarter ended September 30 will fall short of revenue guidance. CEO Shirley Singleton says service revenue will be "essentially flat" with total revenue of about $30.8 million, compared to $31.2 million in last year's corresponding period. Service revenue is expected to be about $27 million compared to $27.2 million a year ago.
