Tibco Software Inc. reported that its fiscal first-quarter profit fell by more than 50 percent on disappointing revenue.
The news sent shares of the business software company down sharply in after-hours trading Thursday.
Tibco's net income fell to $9.5 million, or 6 cents per share, for the period that ended March 3. That is down from $20.6 million, or 12 cents per share, a year earlier. After adjusting for acquisition expenses, restructuring costs and other items, it earned 18 cents per share versus 20 cents per share.
The company's total revenue increased 5 percent to $237.8 million from $225.7 million.
Adjusted earnings per share met Street estimates, according to a survey by FactSet, but revenue fell short of the average forecast of $242.3 million.
Vivek Ranadivé, Tibco's chairman and CEO, said the company is making the right moves to steady its performance and deliver its next phase of growth. He said Tibco is well positioned to take advantage of current trends in information technology spending, particularly given its approach to integrating and analyzing data in real time.
Shares sank 14 percent to $19.80 in after-hours trading on the news. The stock has lost nearly 24 percent of its value in the past six months.