WASHINGTON (dpa-AFX) - Tibco Software Inc (TIBX) said Tuesday it expects earnings and revenue for the second quarter to come in below Wall Street estimates, due mainly to weak sales of its 'Spotfire' analytics platform and a higher tax rate.
Following the announcement, Tibco shares touched a new low in a year, plummeting about 13 percent in after-hours trade on the Nasdaq.
Palo Alto, California-based Tibco expects second-quarter net earnings of $0.00 to $0.01 per share and adjusted earnings of $0.12 to $0.13 per share. Analysts currently expect earnings of $0.21 per share. Analysts' estimates typically exclude special items.
Tibco projects second-quarter revenues of $250 to $252 million, while analysts expect $267.5 million.
Revenue weakened due to lower-than-expected sales of Spotfire, said the company's CEO Vivek Ranadivé.
Also the combined effect of lower-than-expected profits along with the mix of revenue across products and regions led to a higher tax rate.
Tibco provides infrastructure software for companies to use on-premise or as part of cloud computing environment. The company is to release its full financial results for the second quarter on June 19.
Tibco stock closed Tuesday at $20.79, down $0.22 or 1.05%, on a volume of 1.4 million shares. In after hours, the stock dropped $2.67 or 12.84%, trading at $18.12. In the past year, the stock has traded in the range of $18.65 - $27.15.
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