Nuance Communications Inc. (NUAN), a provider of voice and language solutions for businesses and consumers, Tuesday reported a loss for the second quarter. On adjusted basis, the company reported earnings, but missed analyst expectations.
The firm also stated that its Board of directors approved a $500 million stock buyback plan.
For the three-month period, the company reported net loss of $25.8 million or $0.08 per share, compared with net income of $0.9 million or $0.00 per share during the same period last year.
The company's operating expenses for the quarter was $247.4 million compared with $218.9 million reported during the comparable period.
On adjusted basis, Nuance reported earnings of $110.4 million or $0.34 per share, excluding restructuring charges, acquisition expenses.
On average, seventeen analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts' estimates typically exclude one-time items.
The company generated total revenues of $450.9 million compared with $390.3 million during the same period prior year. Non-GAAP revenue grew 15.9 percent for the quarter over non-GAAP revenue of $417.7 million in the second quarter of fiscal 2012. Analyst estimated the company to report revenues of $516.53 million.
In a separate statement, the company announced the approval of $500 million of stock repurchase plan by its Board, citing the Company's strong balance sheet and prospects for continued growth.
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