Shares of Octave Intelligence fell after the company swung to a second-quarter loss, hurt by large impairment charges, and issued an underwhelming revenue outlook for the current period.

The stock slipped 15%, to $16.76, in premarket trading Wednesday. Through Tuesday's close, shares are down 10% year to date.

The company before the bell posted a loss of $1.97 billion, or $7.34 a share. That compares with a profit of $75.2 million, or 28 cents a share, a year earlier.

The recent quarter included a $2.14 billion hit from non-cash impairment charges.

Stripping out one-time items, quarterly earnings came in at 36 cents a share. Analysts polled by FactSet had expected adjusted earnings of 30 cents a share.

Total revenue slipped 3.6% to $398.4 million, roughly in line with Wall Street models.

For the third quarter, Octave guided for total revenue of $400 million to $410 million, missing analyst views for $411.2 million.

For the year, the company expects total revenue of $1.64 billion to $1.67 billion, compared with Wall Street estimates for $1.66 billion.