Citrix Systems Cuts Q1 Outlook

(RTTNews) - Citrix Systems, Inc. (CTXS) said Thursday that it now expects revenue of $755 million to $760 million, earnings of $0.15 to $0.17 per share and adjusted earnings of $0.63 to $0.65 per share for the first quarter.

Previously, the Fort Lauderdale, Florida-based company forecast revenue of $780 million to $790 million, earnings of $0.20 to $0.22 per share and adjusted earnings of $0.70 to $0.72 per share for the quarter.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $0.98 per share on revenue of $741.43 million for the first quarter. Analysts' estimates typically exclude special items.

"We are disappointed with our Q1 results, but fully committed to the financial, operational and strategic initiatives announced last quarter," said Mark Templeton, president and CEO for Citrix. "We underestimated the impact caused by our restructuring, organizational evolution, and changes to our field and channel strategies, which were the result of important decisions made to get the business ready for our next phase of growth. Additionally, the increase in foreign exchange volatility impacted results and customer-buying behavior to a larger extent than anticipated in the quarter."

Citrix shares are currently losing 5.65% in after hours trading after closing the day's regular trading session at $64.65, up 28 cents.