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Tibco Declines After Sales Misses Estimates: San Francisco Mover

Tibco Software Inc. (TIBX), a maker of programs for running corporate-data centers, tumbled in late trading yesterday after reporting fiscal first-quarter revenue and a sales forecast that were shy of estimates.

The stock fell 16 percent to as low as $19.56 in extended trading yesterday, after declining less than 1 percent to $23.17 at the close. Through yesterday, Tibco shares had gained 5.4 percent this year, compared with a 11.3 percent climb in the Standard & Poor’s 400 Midcap Index.

Sales for the fiscal first quarter, which ended March 3, were $237.8 million, compared with a December forecast for revenue of $241 million to $245 million, the Palo Alto, California-based company said in a statement yesterday. For the current period, Tibco forecast profit, excluding some items, of 17 cents to 19 cents a share, compared with the 18-cent average estimate of analysts, according to data compiled by Bloomberg.

Revenue in the current quarter will be $242 million to $252 million, Tibco said on a conference call with analysts. That’s shy of the $264.6 million average projection, according to data compiled by Bloomberg. Tibco cited execution challenges as the reason for the shortfall and said its pipeline of potential future deals is strong.

To contact the reporter on this story: Dina Bass in Seattle at dbass2@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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