Ariba Warns of Lower 4th-Quarter Sales
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Ariba Inc. said its fiscal fourth-quarter sales will be less than expected and announced that Chief Executive Larry Mueller quit after less than three months.
Ariba, whose software helps companies buy and sell goods on the Internet, also reported an operating loss of $26.1 million, or 10 cents a share, for its fiscal third quarter, missing the 12-cent estimate of analysts polled by First Call/Thomson Financial. Sales rose 5.8% to $85.3 million.
For the fourth quarter, the company expects sales of $60 million to $70 million, well below the $89.4 million average estimate of analysts polled by IBES International.
The company said Chairman Keith Krach will fill in as CEO until the company hires a replacement.
Shares of Sunnyvale, Calif.-based Ariba fell 44 cents to close at $4.37 on Nasdaq. The price has plunged 91% this year as customers pare information technology spending and the U.S. economy slows.
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