Tibco Software sees 4th-qtr results below estimates
Dec 4 (Reuters) - Business software maker Tibco Software Inc estimated fourth-quarter results below analysts' expectations on poor performance in the Americas.
Tibco's shares were down 15 percent after the bell. They closed at $24.72 on the Nasdaq on Tuesday.
Tibco estimated adjusted earnings of 37 cents to 38 cents on revenue of between $292 million and $295 million.
Analysts on average were expecting earnings of 44 cents per share on revenue of $315.9 million, according to Thomson Reuters I/B/E/S.
"We could have done better executing in our core infrastructure business, particularly in the Americas," Chief Executive Vivek Ranadivé said in a statement.
There were additional factors such as government spending pullbacks and deal delays caused by superstorm Sandy that had a "real and tangible impact", he said.
Tibco makes software to coordinate business processes and manage workflow and competes with companies like Progress Software Corp and bigger vendors like Oracle.
The company removed its U.S. head of sales in June as it restructured its business in its biggest market.
Tibco is scheduled to report fourth-quarter results on Dec. 20.
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Freescale loss in Malaysia tragedy leads to travel policy questions