Smaller discounts, higher costs hit Vistaprint results

April 29 Tue Apr 29, 2014 5:14pm EDT

April 29 (Reuters) - Online printing services provider Vistaprint NV reported lower-than-expected quarterly revenue due to lower customer additions as it shifts from offering deep discounts.

Shares of the company fell as much as 21 percent in extended trading on Tuesday.

Net income more than halved to $1.4 million, or 4 cents per share, in the third quarter ended March 31 from $5.9 million, or 17 cents per share, a year earlier.

Excluding items, the company earned 24 cents per share.

Revenue was virtually flat at $286.2 million, far short of the $310.7 million analysts on average had expected, according to Thomson Reuters I/B/E/S. (Reporting by Sampad Patnaik in Bangalore; Editing by Savio D'Souza)