Autonomy: Profits sink, shares buoyant

Second quarter woes remedied on the markets...

Second quarter woes remedied on the markets...

Shares in intelligent agent company Autonomy have risen eight per cent despite second quarter results which showed profits spiralling downwards in the currently dismal IT market. Autonomy reported a profit of just £763,000 - a fall of 42 per cent since the equivalent quarter a year ago. Profits also fell sequentially, down from £2m in the first three months of the year. Revenues were also down to just £7.7m from £9.1m. However, despite the falls, the results were in line with analysts' already reduced expectations. Autonomy's eight per cent rise in share price also reflects the wider market today. Shares in the FTSE100 were up three per cent in early trading.