Acacia Research Posts Q2 Loss, Shares Plunge

(RTTNews) - Acacia Research Corp. (ACTG) Thursday reported second-quarter net loss of $12.5 million or $0.26 per share, as compared to net income of $6.3 million or $0.13 per share last year.

Adjusted net income for the second quarter was $6.5 million or $0.13 per share, as compared to $20.95 million or $0.43 per share last year. On average, five analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the second quarter dropped to $23.1 million from $50.5 million last year. Analysts estimated revenues of $66.98 million for the quarter.

Following the news, shares of Acacia plunged 14 percent in the extended tradng hours.