Jive's Q1 sales, outlook light
Jive Software's first quarter loss was in line with expectations, but revenue and the outlook for the second quarter fell short.
The company reported a first quarter loss of $16.6 million, or 25 cents a share, on revenue of $33.9 million, up 34 percent from a year ago. The non-GAAP loss in the first quarter was 15 cents a share.
Wall Street was expecting Jive to report a first quarter loss of 15 cents a share on revenue of $34.14 million.
As for the outlook, Jive's second quarter view didn't measure up to expectations. The company projected second quarter revenue to be between $34.5 million and $35.5 million with a non-GAAP loss of 16 cents a share to 18 cents a share. Analysts were expecting a second quarter non-GAAP loss of 14 cents a share on revenue of $36.23 million.
For 2013, Jive said its revenue will be between $148 million and $153 million with a non-GAAP loss of 55 cents a share to 62 cents a share.
In a statement, Jive CEO Tony Zingale said that the first quarter "was a solid start" to 2013 and the company landed multi-million dollar, multi-year commitments. The company has been expanding globally and opened office in Australia, Hong Kong and Singapore in an effort to target Asia Pacific companies.
Separately, Jive said that it named former ArcSight CEO Tom Reilly to its board of directors.
The company recently launched a new version of its software with Box integration as well as virtual workspaces. Also: