Platinum Software Stock Off 26%
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IRVINE — Platinum Software Corp.’s stock price fell 26% Wednesday in the wake of the financial-accounting software company’s disclosure that its losses widened in the second quarter and that it had fired another 60 employees.
Platinum’s stock closed at $3.50 per share, down $1.25 in Nasdaq trading. More than 2 million shares changed hands, compared with an average daily volume of 264,000 shares over the last three months.
The company said Tuesday that it lost $11 million in the second quarter, including a $5.6-million charge related to layoffs and its decision to stop selling one of its software products. It lost $2.85 million in the same period a year earlier.
The company laid off 100 employees last fall.
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