Shares of LivePerson (NASDAQ:LPSN), a provider of high-tech customer support solutions, took a hit on Friday. The stock fell as much as 18.9% and is down 16.2% as of 12:00 p.m. EST.
The stock's decline is the result of LivePerson's third-quarter earnings per share, which fell sharply.
The company announced revenue of $75.2 million, up 17% year over year. LivePerson's loss per share of $0.41, however, was much worse than a loss of $0.12 in the year-ago quarter.
LivePerson's loss per share included a negative impact of $0.05 associated with IP litigation. In addition, the tech company said it built up internal teams during the third quarter to help drive higher retention rates from customers. This investment weighed on profitability by increasing expenses by $2 million.
Management lifted its full-year outlook, guiding for revenue between $289.5 million and $292.5 million, up from a previous forecast for $288.5 million to $292.0 million. But LivePerson lowered its outlook for full-year EPS. It now expects a per-share loss between $1.51 and $1.45. Previously management expected a per-share loss between $1.15 and $1.06.