United Online Inc. shares fell 16 percent Thursday, a day after the Internet services company reported higher second quarter profit but forecast third-quarter revenues lower than Wall Street expected.

After the markets closed Wednesday, the Westlake Village company reported net income of $17.7 million (21 cents a share), compared with $12.8 million (18 cents) a year ago.

Excluding one-time items, the company earned 37 cents a share. Analysts surveyed by Thomson Reuters on average expected the company to earn 35 cents a share.

Revenue soared 113 percent to nearly $261 million, better than the $253 million analysts expected. United Online’s FTD floral unit, which was acquired last August, contributed 57 percent of revenue.

“Excluding the FTD segment for comparability with the prior year, I am pleased that our operating profitability increased versus the year-ago quarter, especially considering today’s challenging macroeconomic environment,” Chief Executive Mark Goldston said in a statement.

The company expects third-quarter revenue of between $208 million to $216 million, lower than analyst expectations of nearly $219 million. Jefferies & Co. on Thursday downgraded shares from buy to hold.

Shares closed down $1.46, or 16 percent, to $7.56 on the Nasdaq.