BroadSoft's shares nosedive after lower first-quarter revenue forecast

But VoIP provider beats Wall Street estimates for fourth quarter
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BroadSoft's (Nasdaq: BSFT) shares plunged 24 percent on Wednesday after the VoIP provider forecast first-quarter revenues below analysts' expectations, according to a Reuters report. BroadSoft predicted it would post revenues of $37 million to $40 million for the first quarter, lower than Wall Street estimates of $43.6 million. BroadSoft blamed the lower revenues on weak sales in its consumer applications division prior to carriers ramping up their voice-over-LTE networks. BroadSoft did beat analysts' expectations for the fourth quarter results, posting $45.8 million in revenue, slightly more than Wall Street's estimate of $45.7 million. Read more