Carbonite Shares Down 16% After Outlook Cut

(RTTNews) - Shares of Carbonite Inc. (CARB) tanked 16% after the company detailed a weak revenue outlook for the third quarter and lowered its full year revenue guidance. The company said its CEO Mohamad Ali stepped down.

Second-quarter loss widened to $11.3 million or $0.33 per share from $5.7 million or $0.20 per share last year.

Adjusted profit for the quarter rose to $19.8 million or $0.56 per share from $14.2 million or $0.45 per share last year. On average, 11 analysts polled by Thomson Reuters estimate earnings of $0.46 per share for the quarter.

Revenues for the second quarter rose 56% to $121.5 million from $77.7 million last year. Adjusted revenues rose 69% to $135.0 million from $79.9 million a year ago. Analysts had a consensus revenue estimate of $135.21 million for the quarter.

Looking forward to the third quarter, Carbonite expects adjusted revenues of $131 million to $133 million. Analysts currently estimate revenues of $138.13 million.

The company now expects full-year adjusted revenues of $477.5 million to $482.5 million, down from prior forecast of $491 million to $505 million. Analysts currently estimate revenues of $498 million.

Carbonite said its CEO Mohamad Ali has stepped down as president and CEO and as a member of the Carbonite Board, also effective immediately. The company has appointed Steve Munford as interim CEO.