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Profits slide at software maker CA Technologies
Software maker CA Technologies Inc., Long Island's largest public company by stock market value, said its second-quarter profits fell 6 percent, with sales falling short of analysts’ expectations.
The company, which sells mainframe and storage software to large corporations, said revenue fell 4 percent, to $1.152 billion during July, August and September. Net income fell to $222 million, or 48 cents per share.
Analysts had expected CA’s sales to be $1.165 billion.
“While we had anticipated that several areas of our business would be down in the second quarter, our new product and capacity sales fell short of our expectations,” CA chief executive Bill McCracken said.
The company's bottom line was also hampered by the weakening global economy, McCracken said.
The company’s shares were down 2.6 percent in after-hours trading, to $24.25.