Imation Corp. lost $21.1 million, or 52 cents a share, in the first quarter, a substantially bigger loss than Wall Street had been expecting.

Imation has, through acquisitions, divestitures and new products, been trying to transform itself into a data storage and data security firm.

“Though we are making good progress, we are not yet where we need to be long-term, and more work remains,” said Imation CEO Mark Lucas in a statement.

Lucas told analysts in a conference call: “Our cost-reduction program is working and further reductions are expected to be realized in the quarters ahead.”

The adjusted loss was 39 cents a share, while Wall Street had been expecting a loss of only 22 cents a share.

Imation’s first-quarter revenue of $224.4 million was well below Wall Street analysts’ estimate of $264 million.

The company’s loss deepened and its revenue declined from a year ago, when Imation lost $12.2 million, or 33 cents a share, on revenue of $263.3 million.

Imation shares closed down 2.45 percent, or 9 cents, to $3.59.