RTTNews | Aug 11, 2021 11:37AM EDT

11:36 Wednesday, August 11, 2021 (RTTNews.com) - California-based tech company ON24 Inc. (ONTF), is down 30% in the morning after reporting a loss in the second quarter. The company's outlook for the next quarter and the full year also failed to meet estimates.

Net loss for the quarter was $2.5 million or $0.05 loss per share, compared to profit of $5.3 million or $0.14 earnings per share. On an adjusted basis, the net income was $2.5 million or $0.04 earnings per share, dropped from $7.1 million or $0.69 earnings per share. Eight analysts polled by Thomson Reuters estimated breakeven per share for the quarter.

The revenue for the quarter increased 43% year-over-year to $52.1 million from $36.32 million. Analysts projected the earnings to be $51.03 million.

For the third quarter, the company projected revenue in the range of $47.5 million and $48.5 million with an adjusted loss of $0.09 to $0.07 per share. Analysts project a $51.23 million revenue with a loss of $0.05 per share.

For the full year, the revenue is expected to be $201.2 to $204.2 million with adjusted loss of $0.13 to $0.06 per share. According to the Street, revenues are expected to be $209.22 million and loss per share of $0.04.

The shares are currently trading at $22.93, down $9.38 or 29.02% since their previous close at $32.31. The shares opened at $23.40 and in the 52-week period, the shares have ranged between $21.50 and $81.98.

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