DETROIT ? Compuware’s second quarter revenue and net income plunged, even lower than Wall Street expectations, and the street punished the company’s stock Wednesday.

The tale of the tap is net income for Compuware fell to $10.6 million (5 cents per share) versus $22.7 million (10 cents per share) a year earlier. This is a decline of 53.3 percent from the year-earlier quarter. Revenue fell 15.4 percent to $220.6 million from the year-earlier quarter.

Compuware fell short of the mean analyst estimate of 6 cents per share. It fell short of the average revenue estimate of $236.3 million.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 5 cents versus a mean estimate of net income of 4 cents per share.

Revenue has dropped in the past two quarters. In the first quarter, revenue declined 1.7% to $226.2 million from the year-earlier quarter.

Share prices were down nearly $1 a share, or roughly 10 percent of Tuesday?s $9.49 close, after the bell.

?Compuware achieved its earnings per share expectations in the second quarter, supported by continued revenue growth and margin improvements from our APM and Covisint business units,? said Compuware CEO Bob Paul. ?We have positive momentum heading into the second half of the year and will continue to focus on delivering profitable revenue expansion through our growth engines.?

Wall Street?s average estimate for the third quarter remains unchanged at 14 cents a share. For the fiscal year, the average estimate has moved down from 45 cents a share to 43 cents over the last ninety days.

Breaking down the number even further, Compuware said new software license fees, an important barometer of future maintenance and subscription revenue, tumbled to $31.7 million, down from $61.7 million a year earlier.

Among other components of revenue, maintenance fees were $102.2 million, down from $109.1 mllion, subscription fees were $20.2 million, up from $19.1 million, professional services fees were $46 million, down from $53.2 million, and application services fees were $20.5 million, up from $17.5 million.

That left total revenue at $220.6 million, down from $260.7 million a year earlier.

Operating expenses were $203.4 million, down from $222.5 million a year earlier.

Bright spots included Compuware?s application performance management (APM) and Covisint secure communication businesses, which continue to grow strongly.

Later Tuesday, in a conference call with market analysts and reporters, Paul said Compuware?s APM sales saw ?very disappointing results? in the Europe-Middle East-Africa region. ?This was both execution related and delayed decisions in a tough market backdrop,? Paul said. He noted sales leadership changes have been made in the region.

Paul also said Compuware is releasing a first-of-its-kind APM product for mainframe computers, allowing computer managers to see how increasingly complex mobile and Web transactions are affecting mainframe performance.