Unisys Shares Swoon As Q1 Revenue Falls Short Of Street Ests

Unisys (UIS) shares are down sharply following the release this morning of Q1 results.

For the quarter, Unisys posted revenue of $998 million and a loss of 27 cents a share; the Street has been expecting $1.06 billion and a profit of 5 cents. Latest quarter revenue was down 7% from a year ago.

The technology services and hardware company said Q1 loss of $11.6 million reflects $35 million of pre-tax foreign exchange losses, including $20 million related to the currency devaluation in January in Venezuela.

Unisys said revenue in the U.S. was down 16%, while international business was up 1%.

UIS is down $5.72, or 14.8%, to $32.92.