Ellie Mae in Pleasanton, Calif., reported first-quarter net income of $800,000 million, down a staggering 79.5% from $3.9 million a year ago.

Despite continuous growth in software-as-a-service customers that contributed to a 4% year-over-year increase in revenue to $32.2 million, Ellie Mae's quarterly results tumbled primarily due to declines in the volume of mortgage originations.

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