Carnage In The Cloud Space (NTAP, ARUN, RVBD, FFIV, CRM, RAX)
Cloud computing stocks are getting absolutely crushed on Thursday after F5 Networks (NASDAQ: FFIV) reported disappointing earnings and issued poor guidance.
The company reported earnings per share of $0.88 on revenues of $268.9 million. F5 beat on the top line, but missed revenue expectations. Wall Street analysts anticipated that FFIV would report EPS of $0.83 on revenue of $270.34 million.
In the second quarter, FFIV sees adjusted EPS between $0.84 and $0.86 with revenue coming in between $275 million to $280 million. This compared to analysts' EPS estimates of $0.85 on revenue of $280.72 million.
The stock immediately sold off in the after hours on the revenue miss and less than stellar outlook. During Thursday's trading session, FFIV is trading down 23% at $106.86.
The company's earnings report helped to accelerate a sell-off in the entire cloud computing space that began on Wednesday. The entire cloud complex is following through to the downside on Thursday. The carnage is startling. Here is a look at how some prominent names are faring in the session.
NetApp (NASDAQ: NTAP) -3.46% to $55.62
Aruba Networks (NASDAQ: ARUN) -8.27% to $22.30
Riverbed Technology (NASDAQ: RVBD) -7.49% at $34.20
Salesforce.com (NYSE: CRM) -6.73% to $131.36
Rackspace Hosting (NYSE: RAX) -10.20% to $30.01
