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Image source: Teradata.

What's happening: Shares of Teradata (NYSE:TDC) were down 15% at 11:45 a.m. Thursday, following a thoroughly disappointing second-quarter report. The data analytics specialist fell short of analyst expectations across the board, and followed up with lowered full-year guidance figures.

Why it's happening: Teradata's sales fell 8% year over year, stopping at $623 million. Analysts had been hoping for revenues closer to $651 million. On the bottom line, adjusted earnings fell from $0.72 per share to $0.53 per share, all on a diluted basis. Here, the Street was looking for $0.56 per share.

Management explained the disappointing sales with a combination of slower sales cycles and the expected closing of several large orders being delayed. Moreover, currency exchange trends had a role to play: Without the headwinds brought on by the rising value of U.S. dollars against other currencies, revenues would reportedly have declined by just 2% from the year-ago quarter.

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Management also lowered the midpoint of its revenue guidance for the full fiscal year by 4%, landing at $2.6 billion. Full-year earnings targets were also lowered by 6% to roughly $2.35 per share. In both cases, the old guidance sat above the current analyst view but the new targets are lower than the pertinent Street consensus.

Teradata CEO Mike Koehler didn't acknowledge the quarter as a disappointment in prepared press statements. Instead, he focused on how Teradata is poised for growth in the second half of 2015 thanks to "industry-leading solutions and competitive positions in the markets we serve."

In particular, Koehler likes how the new operating structure with two reportable segments has clarified Teradata's business procedures and resource management. At the same time, administrative expenses increased by 18% year over year and the company recorded a $340 million non-cash charge for reduced goodwill in the marketing applications division.

After Thursday's plunge, Teradata shares have fallen 29% year to date. The stock now trades at approximately 14.7 times trailing earnings, down from recent peaks in the low 20s range.