Qlik Technologies Shares Tumble As Q3 Revenues Miss View, Lowers 2013 Outlook

(RTTNews) - Shares of Qlik Technologies, Inc. (QLIK) declined almost 20 percent in extended trades Thursday after the data analytics software maker reported revenue for the third quarter below analysts' expectations, provided fourth-quarter financial guidance below estimates, and also lowered its financial outlook for fiscal 2013. However, the company's profit for the third quarter surged from last year and beat Street estimates.

Lars Björk, Chief Executive Officer of Qlik Technologies, said, "We are pleased with our solid growth in the Americas, despite some weaker than expected performance in Europe and Asia Pacific. We continued to advance further into the enterprise space as reflected by the increase in large deals that we closed, and our view of the long-term market opportunity is unchanged."

Björk added, "However, our continued success in attracting enterprise-level sales opportunities is adding complexity to our overall sales process, which needs to be better aligned with the market dynamics we are experiencing. We are taking action to bring more discipline to the management of our growing pipeline, and we expect these changes to take some time to fully impact our results, which is reflected in our fourth quarter guidance."

Qlik Technologies' third-quarter net income was $3.00 million or $0.03 per share, up from $0.15 million or $0.00 per share in the comparable quarter last year.

Adjusted earnings for the quarter were $4.80 million or $0.05 per share, compared to $1.81 million or $0.02 per share in the year-ago period. On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 21 percent to $104.10 million from $86.10 million in the same period last year. Analysts had a consensus revenue estimate of $107.71 million.

License revenue for the quarter increased 12 percent to $54.50 million, while maintenance revenue grew 33 percent to $40.72 million. Professional services revenue rose 33 percent to $8.88 million.

On a constant currency basis, total revenue in the Americas increased 36 percent over the prior-year period, while total revenue from Europe rose 9 percent and total revenue from Rest of World grew 23 percent.

During the third quarter, Qlik Technologies completed 111 deals with license and first year maintenance over $100,000, including 27 deals over $250,000. This compared to 86 deals over $100,000 and 18 deals over $250,000 in the prior-year period.

Looking ahead to the fourth quarter, Qlik Technologies forecast adjusted earnings in a range of $0.28 to $0.31 per share, with revenues ranging between $156.0 million and $161.0 million. Analysts currently expect the company to earn $0.45 per share for the quarter on revenues of $165.78 million.

For fiscal 2013, the company lowered its adjusted earnings outlook to a range of $0.23 to $0.26 per share from the prior range of $0.37 to $0.41 per share. The company also lowered its full-year revenue guidance to a range of $465.0 million to $470.0 million from the prior range of $473.0 million to $481.0 million.

Street expects the company to report full-year earnings of $0.38 per share on revenues of $478.45 million.

QLIK closed Thursday's regular trading session at $33.48, up $0.03 or 0.09 percent on a volume of 2.85 million shares. However, in after-hours, the stock declined $6.68 or 19.95 percent to $26.80.