Shares in e-learning group Riverdeep turned sharply lower yesterday even though the group produced first-quarter results that more than matched the markets' expectations.

The weakness in the share price was largely attributed to the fact that the shares had almost doubled in the weeks ahead of yesterday's results. Riverdeep's revenue in the first quarter rose to $29.6 million from $4.8 million in the same period last year and from $20.4 million in the fourth quarter of the last financial year.

Net income was $3.2 million, up from $0.4 million and from the $7.9 million loss in the first quarter of last year.