Tibco Software Reports Sharp Drop in Q2 Profit (TIBX)
Tibco Software (NASDAQ: TIBX) released its fiscal second-quarter earnings results on Thursday after the closing bell.
The company reported earnings per share that were in-line with Wall Street estimates, but revenues that missed expectations. In late trade, the stock was last down 0.67 percent to $20.87.
"Improving sales execution remains our top priority. While work remains to be done, we saw signs of improvement and a healthier base of activity this quarter," said Chief Executive Vivek Ranadive.
Q2 Financial Results For the second-quarter, the company reported net income of $8.7 million or $0.05 per share, compared to $26.5 million or $0.16 per share, last year.
On an adjusted basis, which is comparable to analysts' consensus, Tibco reported net income of $29.7 million or $0.18 per share, compared to $43.6 million or $0.26 per share, in last year's second-quarter. This was in-line with Wall Street EPS estimates.
Sales in the period were $245.9 million from $247.4 million last year. This missed analysts' consensus revenue estimates of $246.55 million.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.