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RSA Security has warned that it will miss revenue targets for the first quarter.

The firm's shares have fallen from just below $16 to $11.32 since Monday.

RSA expects earnings for the quarter ended 31 March to be between £74m to $76m rather than the $81m and $84m it was predicting. This will give earnings per share of 8 to 10 cents instead of the 13 to 15 cents per share originally forecast.

The security company said the first quarter was traditionally a time of weak demand but a slowdown in software sales, especially in the last month, pushed the company off target. RSA's authentication business did better, outperforming the same quarter last year.

Full results for the first quarter will be released 27 April.

You can read the full statement on RSA's website here.®

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