March 22 (Bloomberg) -- Tibco Software Inc., 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.
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