June 10 (Bloomberg) -- CMGI Inc., the maker of inventory- management software for Hewlett-Packard Co., fell as much as 25 percent in Nasdaq trading after reporting a loss for the third quarter and lowering its revenue estimate for the year.

CMGI dropped $3.49, or 23 percent, to $11.52 at 12:40 p.m. New York time on the Nasdaq Stock Market. Earlier, the Waltham, Massachusetts-based company's shares sank to $11.27, for the biggest intraday decline since December 2002.

The former Internet venture company's first loss in three quarters came on delays in new programs and ``the impact of slowing business in the Americas,'' Chief Executive Officer Joseph Lawler said on a conference call yesterday.

``An uncertain economic environment'' led the company to lower its estimate of annual sales to $1.05 billion to $1.1 billion, Lawler said. CMGI previously forecast revenue of $1.1 billion to $1.15 billion for the year ending in July.

The net loss of $2.56 million, or 5 cents a share, for the quarter ended April 30 compared with net income of $9.42 million, or 19 cents, a year earlier. Sales declined 15 percent to $239.2 million.

Operating income for the year will be at the low end of a previously announced range of 2 percent to 2.5 percent of revenue, the company said.

Before it began to focus on the inventory-management business, CMGI bought Internet companies and sold their shares to the public.

To contact the reporter on this story: Don Jeffrey in New York at djeffrey1@bloomberg.net

Last Updated: June 10, 2008 12:42 EDT