Intellect Design Arena (INDA) disappointed this quarter with a 2.7% QoQ (-2.4% CC) drop in US$ revenues (US$ 33.6mn vs est of US$ 37.0mn) and poor cost management. The dip in revenues was largely due to the deferral of two large deals, as banks in the US and Europe are largely keeping their spends on hold. Despite amplified pre-sales efforts, the sales cycle is taking longer to fructify.