Citing “long sales cycles and pricing pressure,”
Revenue dropped 5%, to $1.3 billion, from $1.4 billion.
“Market conditions remain challenging,’’ with overall spending on information technology in the country down signficantly, according to Cristobal Conde, president and chief executive officer, in the company's earnings call. But, he said, SunGard’s “sales pipeline continues to improve across-the-board.”
The supplier of financial software and technology services said its earnings before income taxes, depreciation and amortization was $354 million, down 1% year over year, and adjusted income from operations was $269 million, down 3% year over year.
Excluding the results of one of our trading systems businesses, a broker-dealer business it is shutting down, SunGard revenue was up 4% and adjusted income from operations was up 5 percent, compared to the same quarter last year.
For the six months ended June 30, revenue decreased 6% year-over-year to $2.6 billion, and income from operations was $200 million. Its net loss increased to $75 million, from $41 million.
Its financial systems revenue decreased 8% to $703 million in the second quarter. Organic revenue decreased 7% year over year. Excluding the broker/dealer business mentioned above, revenue was up 8% and organic revenue was up 10%, though, compared to the second quarter of 2009
Its hosting services revenue decreased 3% year-over-year to $365 million in the second quarter. Organic revenue also decreased 3% in the quarter.
