Shares of Tibco Software Inc. (TIBX) slipped 15 percent in extended hours on Thursday, after reporting a first-quarter profit that more-than-halved with revenues coming in short of estimates. Nevertheless, earnings for the quarter were line with Wall Street expectations.
For the first quarter, Tibco's profit plunged to $9.5 million or $0.06 per share from $20.6 million or $0.12 per share last year.
Excluding special items, earnings for the period dropped to $0.18 per share from $0.20 per share a year ago. Analysts polled by Thomson Reuters expected earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Palo Alto, California-based Tibco's revenues for the quarter grew to $237.8 million from $225.7 million last year. Analysts expected revenues of $242.45 million for the quarter.
Cost of revenues increased to $73.6 million from $66.1 million last year. Operating expenses increased to $145.3 million from $135.5 million last year. Adjusted operating margin declined to 19 percent from 21 percent last year.
"Our competitive differentiation remains strong, and we are well positioned to benefit from the current trends driving enterprise IT spending, such as 'big data,' especially with our event-driven platform approach to integrating and analyzing data in real-time," said Chief Executive Vivek Ranadive.
TIBX closed Thursday's trading at $23.17, down $0.13 or 0.56%, on a volume of 3.7 million shares, on the Nasdaq. The stock further lost $3.39 or 14.63% in after hours trade.
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