The company, based in Dayton, Ohio, reported a 14 per cent year-on-year drop in revenues, from $599m to $513m, for the quarter ending June 30.

But C-suite execs on the earnings call this afternoon batted away potential concerns about the fall – and the fact that the company made a net loss of $4m this quarter, when this time last year it posted a $64m net profit.

The firm is still in the process of the “business transformation” that was kicked off last year, with the major change being to switch customers from perpetual licences to a subscription-based model.

According to chief product officer Oliver Ratzesberger, last year, customers “didn’t like the pricing and deployment rigidity,” especially deployment in the cloud – but they’ve been “receptive” to the changes the firm has made.

During the call, CTO Steve Brobst said that in the reported $513m revenue, “what you don’t see is the impact of customers choosing the subscription option in Q2”.

The firm also leaned on the fact that its quarterly earnings are being compared to a quarter when the firm still owned the Marketing Applications business, which was sold on July 1, 2016 – despite this only accounting for $35m of last year’s Q2 revenue.

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