Shares of Agilysys (AGYS), a provider of software for the hospitality sector, plummeted 5.93% in Thursday's intraday trading session following the company's disappointing fiscal third-quarter results and lowered guidance for the full year.

On Tuesday after the market closed, Agilysys reported fiscal Q3 revenue of $69.6 million, significantly below analysts' average estimate of $73.15 million. While the company's Q3 earnings per share (excluding certain items) of $0.38 exceeded expectations of $0.34, it cut its full fiscal year revenue guidance to around $273 million, down from its previous guidance range of $280 million to $285 million.

According to CEO Ramesh Srinivasan, the company's revenue levels, particularly one-time product revenue, continued to be impacted by recent sales challenges with point-of-sale products, mainly in the managed food services vertical, caused by the final phase of product modernization transition.