UPDATE 1-Digital River posts Q3 rev below Street; cuts '08 view
* Q3 non-GAAP EPS $0.46 in line with estimates
* Q3 revenue $96.3 mln vs est $98.4 mln
* Sees Q4 non-GAAP EPS $0.43 to $0.48 vs est $0.59
* Sees Q4 rev of about $94 mln to $97 mln vs est $108.8 mln
* Lowers FY outlook
Oct 28 (Reuters) - Digital River Inc DRIV.O, which manages online businesses, posted third-quarter revenue below market estimates, weighed down by the strong dollar and a decline in consumer spending, and it lowered its full-year forecast. [ID:nWNAB3315]
The company also forecast a weak fourth quarter.
"Our third quarter results were tempered by a combination of factors, including the sharp strengthening of the dollar and a sudden decline in consumer spending beginning in mid-September," Chief Executive Joel Ronning said in a statement. [ID:nBw286401a]
For 2008, the company now expects earnings of $1.82 to $1.86 a share, excluding items, on revenue of about $392 million to $395 million.
On July 30, it had forecast earnings of $2, excluding items, on revenue of $410 million for the year. Digital River's customers include Symantec Corp (SYMC.O: Cotización), CA Inc (CA.O: Cotización), Microsoft Corp (MSFT.O: Cotización) and Electronic Arts Inc ERTS.O.
Shares of the company, which competes with Germany's Asknet (A5AGn.DE: Cotización) and GSI Commerce Inc GSIC.O, were trading at $26 after the bell. They closed up 7 percent at $25.16 Tuesday on Nasdaq. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)
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