Dec 20 Tibco Software Inc's
fourth-quarter profit topped muted Wall Street estimates and the
business software maker forecast better-than-expected licensing
revenue for the current quarter.
Shares of the company, which makes software that helps
businesses coordinate processes and manage workflow, rose 5
percent to $21.73 in after-market trade.
First-quarter profit forecast, however, came in below
analysts' estimates as the company failed to close several deals
amid pullbacks in government spending.
The company said it expects licensing revenue of $84-$88
million for the quarter. Susquehanna Financial Group's Derrick
Wood had forecast $85 million.
"Software licensing revenue growth is expected to
accelerate, which is relief for investors," said BMO Capital
Markets analyst Karl Keirstead.
Tibco had cut estimates for the fourth quarter earlier this
month, citing poor performance in North America, government
spending pullbacks and deal delays caused by superstorm Sandy.
"I am not going to make excuses. The fact is we simply did
not execute this quarter and I am disappointed in the result,"
Chief Executive Vivek Ranadivé said.
The company has been restructuring its business in the
Americas, its biggest market, and has appointed a new sales head
for the region.
Tibco forecast first-quarter adjusted profit of 17 cents per
share to 18 cents per share, while Wall Street analysts were
expecting 21 cents per share, according to Thomson Reuters
For the fourth quarter, adjusted profit was 42 cents per
share. Revenue rose 2 percent to $296.5 million.
Analysts had expected the company to earn 39 cents per share
on revenue of $297.6 million.