Corel warns of tougher times to come

Corel has joined the lengthening list of vendors displaying caution about the rest of the year. The software vendor was able to announce higher profits for its third fiscal quarter ended 31 August, but it has issued guidance downwards for the rest of the year.

Corel has joined the lengthening list of vendors displaying caution about the rest of the year.

The software vendor was able to announce higher profits for its third fiscal quarter ended 31 August, but it has issued guidance downwards for the rest of the year.

The vendor earned $1.6m in the third quarter, which compares to a loss of $6.8m in the same period a year earlier. Revenue for the period was $66.2m, which increased from $60.4m for the same time last year.

But the vendor used its results to issue guidance for the fourth quarter pointing out that it would not be hitting the sorts of numbers that earlier in the year it had primed the market to expect.

In a statement, Kris Hagerman, Interim Chief Executive Officer at Corel Corporation, said that it had been able to deliver a "solid performance in a challenging economic environment”.

Since the credit crunch started to filter through there has been an increasing tendency in financial result statements for notes of caution to be sounded about the prospects for the fourth quarter and early next year.

In the channel the response to the crisis in banking has been to see borrowing much harder to come by and projects in the pipeline put in jeopardy.

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