Wave Systems Corp. (fka WAVXQ)

[Chance To See]

Thanks, Ramsey, those are good points.

But even backing out the obvious mistakes, it's hard to get down to $7.1 million. And Steven did say or imply that Dell PC shipments, SEDS, and Acer were all up.
-- “The Dell volumes are continuing to grow.“
-- “We have gone from 1% of laptops with encrypted drives to now over 2.5% of encrypting drives shipping on laptops.”
-- “We continue to make good progress with Acer. Their volumes are up.“

One way to look at it, I suppose, is that if the automobile company had bought only a few thousand seats, and had not been pre-announced, ERAS would have been up slightly, too, though nothing like the 90% of previous quarters. Of course those 90% increases were from a very low base in Q109. (I guess CEOs are like politicians. It’s virtually impossible for them to publicly give a realistic assessment of strengths and weaknesses.)

Maybe everything was soft. This was certainly unexpected given that acceptance should be growing steadily and at some point here should take off. Plus we were specifically told that Q4 is generally a strong quarter.

Your point that Q1 should easily beat Q4 is good to remember.