Motricity shuffles executive ranks as stock plummets

Motricity reported second quarter losses of $4.3 million, less than the $11.6 million net loss a year earlier--in addition, the mobile content services firm projected third quarter revenues of $31.5 million to $32.5 million, far off analyst forecasts of $45 million. Motricity blamed its weak results on increased competition in the international market and closing its acquisition of mobile ad company Adenyo later than expected. With its stock down 42 percent over the last year, Motricity is currently seeking a replacement for CFO Allyn Hebner and has removed chief strategy and marketing and development officer Jim Ryan. Article