Citrix on Thursday cut its outlook for the first quarter and said a mix of sales changes, restructuring, customer demand and currency led to the disappointment.
The company said that its first quarter revenue will be between $755 million and $760 million, well below the $780 million to $790 million projected by the company.
Non-GAAP earnings per share will be 63 cents a share to 65 cents a share, which is below the company's guidance of 70 cents a share to 72 cents a share. Wall Street was looking for first quarter revenue of $786.7 million with non-GAAP earnings of 72 cents a share.
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In a statement, CEO Mark Templeton said the company is committed to its strategic initiatives and restructuring announced in the fourth quarter. He added:
We underestimated the impact caused by our restructuring, organizational evolution, and changes to our field and channel strategies, which were the result of important decisions made to get the business ready for our next phase of growth. Additionally, the increase in foreign exchange volatility impacted results and customer-buying behavior to a larger extent than anticipated in the quarter.
Citrix's warning could be the beginning of a slew of them in the technology sector, which is struggling with a stronger dollar and spotty demand. Intel already cut its first quarter outlook.