Tibco Shares Set to Drop Following Halt
Tibco (NASDAQ: TIBX) announced preliminary results of the company's second quarter after Tuesday's close.
The company sees EPS for the quarter falling in the range of $0.12 to $0.13. This is a significant negative revision from the previous guidance of $0.20 to $0.22. Analysts expected the company to report earnings of $0.21 for the quarter.
Revenue was also significantly cut. The company previously expected revenue in the range of $263 million to $271 million, but now predicts just $250 million to $252 million.
According to the release, Spotfire is to blame for the lower results. Spotfire's sales were below what analysts had expected last quarter, but the company expected a turnaround by the end of the year.
Shares of Tibco are still halted.
BZ UPDATE: The stock resumed trade at 4:25p.m. EDT and is now trading down about 13 percent to $18.16. Shares closed Tuesday's session at $20.79.
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