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Micro Focus Shares Collapse After Sales Warning and CEO Exit

  • Chris Hsu has stepped down to pursue another opportunity
  • Shares fall to 13-year low and the most since May 2005
Updated on

Micro Focus International Plc shares fell the most in 13 years after it warned that its year-on-year revenue decline will be greater than expected as it grapples with its latest $8.8 billion deal, and said Chief Executive Officer Chris Hsu has stepped down.

Since Micro Focus posted its interim results on Jan. 8, revenue has dropped more than anticipated, the company said Monday. Micro Focus is now expecting revenue over the twelve months to Oct. 31 to fall between 6 percent and 9 percent, compared to previous guidance of a drop of 2 percent to 4 percent.