Heading into the company’s quarterly earnings report, shares in Orange-based Tangoe Inc. failed to break free of the European malaise that has settled over Wall Street.
Tangoe reported revenues increased 53 percent from a year ago to $34.1 million as the company reported net income for the most recent quarter was $192,000. Last year, the communications and computer management serviced business, reported a loss of $613,000. Earnings per share using generally accepted accounting practices was zero, but better than the loss of 33 cents a year ago.
Wall Street was buffeted by news out of Europe, again, where the split parliament the Greek voters elected are struggling to form a new government there. Reports indicate a new election might be called as a result. Some analysts fear the Greeks are about to leave the EU and inflate their way out of debt, but one expert told The Mines, he thinks the Greeks are hoping if they continue to do nothing Germany will eventually just come in and rescue the country in a meaningful way.
This is the fifth straight day the Dow Industrial Average lost points. It fell 77 points to 12,932. The S&P 500 shed 6 points to stand at 1,364 and the Nasdaq Composite was off 11 points to 2,946.
Tangoe shares appear to have been following gravity with the rest of the market. Shares in Tangoe fell 18 cents to $19.30 before the company reported earnings.
While a U.S.-based company, Tangoe does have European operations and offers management services to help companies avoid seeing cell phone bills jump when they are in Europe for business.
Tomorrow, we’ll get a better gauge of how the market likes Tangoe going forward in this economy.