Losses for update software AG

CompaniesTechnology ♦ Published: April 19, 2011; 11:22 ♦ (Vindobona)

The Austrian software company, which is listed on the Frankfurt Stock Exchange, records declining sales as well as operating losses.

Losses for update software AG / Picture: © Vindobona.org

update software AG, a CRM solutions provider, has released its 2011 first-quarter results, with sales revenue of € 6.5 m and earnings before interest and taxes (EBIT) of € -0.6 m.

2011 marks the beginning of the second year of update's transformation to a software-as-a-service business model, which continues to entail higher-than-usual investments.

In the first quarter…