Viant shares sink after hours on revenue warning

Shares of technology consulting company Viant plummeted 26 percent in after-hours trading today after the company warned investors that the company expects a shortfall in revenue for the third quarter.

Viant could see between 12 percent and 15 percent less revenue in the third quarter than the $38.5 million it generated in the second, the company said in a statement. In addition, Viant said the company anticipates a loss for the third quarter.

Viant's shares closed regular trading down 4 percent to $13.88 and fell to $10.19 in the after-hours session.

The Boston-based company blamed changes in market demand for the shortfall, chief executive Bob Gett said. The ongoing Internet shakeout has limited the amount of money that many dot-coms can spend on consulting services.

Gett said many of its dot-com clients were unable to come up with enough backing to fund projects that Viant was hired for and had banked on.

As a result, Gett said Viant and much of the consulting and services industry has shifted away from catering to dot-coms and is moving more of its attention on larger companies.

But Viant could not change course fast enough, Gett said.

"As a result, we have not had sufficient capacity to capitalize on new client opportunities," Gett said in a statement.

Viant is scheduled to release its third-quarter earnings around Oct. 23.