Tibco Software stock sank in late trading after the business software provider reported fiscal third-quarter revenue that was below analyst expectations.
Shares of Tibco (TIBX) were down $1.72, or 6% to $28.08.
The maker of infrastructure software for offices or as part of cloud computing reported quarterly revenue in the three months ended September 2 of $255 million, and net income of $26.1 million, or 15 cents per diluted share. That compares to revenue of $229 million, and net income of $23.5 million, or 14 cents per diluted share, for the third quarter of fiscal 2011.
Excluding one-time items, the company earned 27 cents per share, in line with analyst expectations. The street, however, was looking for revenue of $259.8 million, according to Thomson Reuters.
The company repurchased 1.2 million shares in the quarter.
CEO Vivek Ranadive said in a press release that Tibco
“is in a strategic position to benefit as IT shifts to event-driven architectures and business looks for its two-second advantage — or the ability to anticipate change and opportunity before and as it happens.”
ThinkEquity Analyst Yun Kim said last week that Tibco could lay off workers, but the company denied the speculation, as we reported last week.
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