Shares of browser and internet software developer Spyglass Inc lost nearly a third of their value on Monday after the company warned that first-quarter revenues will be lower than anticipated. The shares plummeted $7 to close at $15 on word that the Naperville, Illinois-based company expects revenues for the first quarter to be between $4.3m and $4.7m will post a loss per in the range of $0.14 to $0.16. The company says weakness in technology licensing revenues – associated with several significant transactions that were expected to, but did not close in the quarter – was the primary reason for the shortfall. In the corresponding quarter last year, Spyglass reported a loss of $0.28 per share. The company will release final financial results for its first quarter on January 20.
