Irish-based payment software company Trintech said today revenues for the first quarter will be less than previously expected.
Trintech expects first-quarter revenues in the range of $9.5 million to $10.5 million, well below expectations of $16.6 million and down for $15.5 million in the fourth quarter.
The company blamed the deterioration of its European business for the shortfall.
Trintech expects a loss in the range of $4 million to $5 million instead of the $2 million to $3 million range as previously guided.
But the company said it has reduced its cash burn and expects cash use in the range of $7 million to $8 million, as previously guided.
Trintech also announced a one for four reverse stock split on its US shares which will take place on May 24th.
As a result of the split, each US share will represent two ordinary shares, compared with one half currently.
Trintech will announce its results on Wednesday, May 29th.