The result was the company lost $13.3 million for the most recently ended quarter, compared to net income of $1.1 million a year ago. Revenue for the quarter was $76.4 million, down 9.7 percent from $84.5 million in last year’s corresponding period. Customers switching to the cloud did not sign up for services which resulted in a 33-percent decline in professional services revenue, which fell to $17.4 million from sightly less than $26 million. That decline was steeper than expected, CEO Anton Chilton said during this week’s earnings webcast. He noted that in professional services,“We have initiated a number of cost-saving initiatives”, but did not spell those out. QAD expects services will shift to its channel as the switch to cloud subscriptions continues and customers buy services after the initial sale. License revenue dipped 36.8 percent to $3.5 million from $5.6 million while maintenance and other revenue fell 3.2 percent to $29.6 million from $30.6 million. Subscription revenue was $25.9 million for the most recently ended quarter, a 15.4-percent rise from $22.4 million a year ago.
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CLOUD SWITCH CUTS QAD REVS Featured
The switch to the cloud cut into results for manufacturing software vendor QAD for the second quarter ended July 31. Revenue dropped in three categories while subscription revenue rose.
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