Shares of Jamdat Mobile Inc. shares fell nearly 26 percent on Friday after the company reported a third-quarter earnings forecast that was less than Wall Street expected.

Late Thursday, the L.A.-based entertainment content publisher for mobile phones said it anticipates third-quarter adjusted earnings, which exclude items, to range from 13 cents to 15 cents per diluted share, short of the average estimate of 21 cents per share.

Second-quarter net income included a $2.6 million research and development charge related to the company’s acquisition of Blue Lava and a $1.7 million tax benefit related to deferred tax assets.

For the full year, Jamdat reaffirmed its adjusted earnings forecast of approximately 83 cents per diluted share, which beats the Wall Street estimate of 77 cents per share.

Jamdat had actually trumped the analysts’ average earnings estimate of 21 cents per share for the second quarter by reporting adjusted net income of$7.2 million (30 cents per diluted share), compared with $1.3 million (26 cents) for the like period a year ago.

On Friday, the company’s stock rating was downgraded to “hold” from “buy” by Sameet Sinha at Kaufman Bros. The analyst also lowered his price expectation for the stock to $25 from $36.

By the end of Friday’s trading session, Jamdat shares changed hands at $21.95, down 25.6 percent, compared with a closing price of $29.49 on Thursday.