Payment software group Trintech has reported revenues of $10.9m for its second quarter to the end of July, a drop of 41% compared with the same period last year.
The company said this was due to the fragile state of the global economy, which resulted in slower investment decisions and weak demand for its products.
Trintech reduced operating expenses by 44% compared with the same period last year. It says it has cash balances of $50.9m. Pro forma net losses were reduced to 16 cents per share from 29 cents in the same period last year.
The pro forma figure excludes depreciation, amortisation and stock compensation charges.
