Cloud computing specialist Citrix Systems (CTXS) beat fourth-quarter estimates but CTXS stock is down after the company admitted to slowly growth amid increased competition.
CTXS stock is down 10% pre-market.
After the bell Wednesday, the Fort Lauderdale-based company announced net income of $1.04 a share on $802 million in revenue. Analysts polled by Thomson Reuters had expected earnings of 98 cents a share, while revenue came in as expected.
Over fiscal 2014, management said net revenue should increase between 8% and 10%, compared to analyst estimates of 11.4% growth. Excluding one-time charges, earnings are expected to range from $2.85 to $2.95 a share, far below the $3.35 previously expected by analysts.
For the latest quarter, Citrix reported a profit of $138.6 million, up from $114 million, or 60 cents a share a year ago.
Analysts are looking for changes in the new year, and just might get them sooner than later.
CTXS’ CEO Mark B. Templeton will return from his leave of absence, but plans to retire within the next year.
CTXS stock is down 19% in the past year.