Shares of Sapiens International Corp NV (NASDAQ: SPNS) plunged over 7% in pre-market trading on Friday after the software company reported weaker-than-expected results for the third quarter.
The Israeli-based firm, which provides software solutions for the insurance industry, posted adjusted earnings per share of $0.37, missing analysts' estimates of $0.38. Revenue for the quarter came in at $137 million, also falling short of the consensus forecast of $140.1 million.
Sapiens' adjusted operating income for the quarter stood at $25.1 million, slightly below the estimate of $25.7 million. While gross margins improved year-over-year, the company's top-line growth appears to have slowed, disappointing investors.
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