Citrix Shares Drop on 3Q Profit, Revenue Warning
Shares of cloud computing company Citrix Systems Inc. fell sharply in after-hours trading Wednesday after it said that its third-quarter revenue and profit will miss expectations.
Shares fell $9.14, or 13.7 percent, to $57.52 in after-hours trading Wednesday, after having already dropped 95 cents to close the regular session at $66.66.
The Santa Clara, Calif., company expects to post adjusted earnings of 68 cents to 69 cents per share for the quarter that ended Sept. 30, below the 73 cents expected by analysts polled by FactSet. Revenue of $710 million to $712 million also is short of the $737 million analysts are looking for. The results are shy of Citrix’s own guidance as well.
Citrix CEO Mark Templeton said that he is disappointed in the results but remains confident about the company’s strategy. He said he will provide more details when full results are released Oct. 23.
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