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Motricity Q1 loss grows, stock sinks
by TechFlash Staff on Friday, May 11, 2012, 7:36am PDT
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Technology | Motricity Inc.

Bellevue-based mobile marketing company Motricity Inc. reported its first-quarter loss grew to $8.7 million, or a loss of 19 cents per share, from a loss of $6.1 million, or a loss of 15 cents a year earlier.

Revenues fell to $22.8 million from $24.3 million in 2011. Analysts polled by Thomson Reuters First Call expected a first-quarter loss of 18 cents per share and revenues of $28.1 million. In early Friday trading, shares in Motricity (NASDAQ: MOTR) had fallen more than 15 percent, falling more than 11 cents to about 66 cents per share.

Motricity officials said in a statement that their business is no longer for sale: "We decided to end the process of actively pursuing a sale of our business. As such, we decided to focus our resources on other strategic paths, including increasing the focus on our mobile media and enterprise business, broadening our solutions and services to North American carriers, and pursuing financing alternatives such as the proposed rights offering."