Dec 4 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
"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.