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Ultimate Software Drops 12% as ’17 View Cut on ‘Timing Issue’

Shares of enterprise software developer Ultimate Software (ULTI), whose programs handle things such as corporate payroll processing, are down $28.99, or 13%, at $198, in late trading, after the company this afternoon reportedQ2 revenue that missed analysts’ expectations and cut its outlook for the year, citing a lengthening of the “time-to-live” of its software contracts.

Revenue in the three months ended in June was up 20% at $224.7 million, but missed consensus for $228 million.

EPS of 93 cents was three cents better than expected.

The outlook...