LECG tumbles 25% after Q2 earnings drop
LECG Corporation (Nasdaq:XPRT) has shed 25% in today’s trading after reporting after Tuesday’s close that its second quarter net earnings had dropped. For the quarter ended June 30, net income was $2.6 million, or $0.10 per share, compared to $4.2 million, or $0.17 per share, in the same period a year ago. Revenues were $89.1 million, down from $92.6 million for the year-ago quarter.
“These results were largely a reflection of revenue softness in the US which was partially offset by a strong contribution from our international businesses. The revenue decline was particularly marked in our economics services segment, due to the lag between a number of large projects winding down and the ramping up of new engagements,” said CEO Michael Jeffery, in a statement.
At 2:10 p.m. ET, shares of the Emeryville, Calif.-based company are at $7.55, down $2.47 from Tuesday’s close. Trading volume is at more than 1.14 million shares, up from the average of about 124,000.
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