For calendar Q3 2009, March Network's revenue plummeted 24% year over year. This is significantly higher percentage drop than occurred in calendar Q2 2009.
In March's investor's call presentation, they disclosed that a massive fall in US revenue of 37% drove the decline. This was partially offset by a robust 56% growth rate in Latin America. The much publicized 'loss' of the Wal-Mart account did not drive the revenue decline. Indeed, Wal-Mart revenue was a higher percentage this quarter than a year ago (16% this quarter vs 11% a year ago).
March is not alone with accelerating declining revenue. In the last quarter, revenue declines increased for Tyco's security products group and Axis. On the contrary, DVR supplier Techwell's revenue decline diminished relative to earlier in the year.
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