Macromedia Inc chairman Bud Colligan was disappointed in the results for the quarter as the San Francisco company best know for its Shockwave video compression technology reported third quarter net losses of $2.4m, against profits of $7.2m last time, as revenues fell 9.1% to $28.1m. Colligan put the performance down to lower than expected sales of its Authorware and Director software in Europe, especially after it slashed Authorware’s price by 60%. The company began shipping FreeHand Graphics Studio 7 toolset for building 2D and 3D graphics for the web. Shockwave is now one year-old and the company claims their are more than 20m browsers using the technology around the world. Net profits for the nine months to December 31 fell 44.9% to 9.4m, as revenues rose 14.7% to 94.1m.
