TIBCO Posts Large Plunge In Q2 Profit, Sales Up 3%
TIBCO Software Inc. (NASDAQ: TIBX) shares dropped nearly two percent in Thursday's after-hours trading session following missed second-quarter expectations and an 82 percent plunge in GAAP earnings.
The company posted quarterly GAAP earnings of $1.55 million, or $0.01 per share, down from $8.7 million, or $0.05 per share, a year earlier. Non-GAAP operating income totaled $38.7 million, down about 14.5 percent on a year-over-year basis. Adjusted earnings came to $0.14 per share, right inline with the analyst consensus estimate.
Non-GAAP revenue grew to $254 million, roughly in line with expectations and up three percent compared with $245.8 million a year earlier.
TIBCO's Chairman and CEO Vivek Ranadive said, "Although we achieved record second quarter revenue, our results fell
short of our expectations and we are aggressively focusing on making strategic, operational and organizational changes to address our execution challenges and position TIBCO for sustained growth. We see a large and growing opportunity ahead of us in big data, where our technologies can integrate both static and real-time data sources to enable fast data solutions."
During the company's earnings conference call, execs gave guidance for the third quarter. Management is expecting earnings in the range of $0.15-$0.19 per share, below the analyst estimate of $0.24 per share. Sales are expected to be in the range of $267-$279 million, versus the Street estimate of $278.5 million.
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