Citrix slashes Q3 outlook; shares drop after hours
Citrix didn't do as well as it might have hoped during the third quarter of fiscal 2013, slashing the revenue and earnings outlooks two weeks ahead of the scheduled report date.
The new revenue forecast range $710 million to $712 million, down from previous guidance of $730 million to $740 million.
Non-GAAP earnings are now expected to fall between 68 and 69 cents per share, down from 72 to 73 cents per share.
Wall Street is still looking for earnings of approximately 73 cents per share on a revenue of $737.28 million.
As a result, shares dropped by approximately 12 percent in after hours trading.
Citrix CEO and president Mark Templeton admitted in prepared remarks that the company is "disappointed that we fell short of our expectations this quarter."
But he didn't offer any hints about potential changes within the company as a result, remarking "we remain confident in our strategy and markets," and that the focus will continue to be on "helping our customers leverage cloud services and business mobility to improve the security and agility of their IT infrastructure."
Citrix will publish final Q3 revenue and earnings figures on Wednesday, October 23 after market close.