On October 21, the Baan Company announced a larger-than-expected loss of $25M. Baan's stock price tumbled more than 10% after the loss more than tripled Wall Street's prediction of losses between $8.2M and $1.4M. Revenue for the quarter was $143M, compared to $195M in the same period last year. Sales of new software fell 59% to $36M for the recent quarter, from last year's $86.6M. Baan cited the market's move toward leasing rather than buying software as one reason for its sagging revenue.
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