Tibco Software shares up after 3Q results top Wall Street forecasts
By APFriday, September 25, 2009
Tibco Software shares up after 3Q results
NEW YORK — Shares of Tibco Software Inc. rose Friday after the company’s third-quarter earnings topped Wall Street expectations with the help of lower expenses.
The stock climbed 27 cents, or 3 percent, to $9.40 in afternoon trading.
Late Thursday, Palo Alto, Calif.-based Tibco said its profit jumped 34 percent to $14.9 million, or 9 cents per share, in the most recent quarter. Adjusted earnings came to 13 cents per share, while analysts polled by Thomson Reuters expected 11 cents.
Still, revenue fell 7 percent to $150.3 million.
In a note to investors, Jefferies & Co. analyst Katherine Egbert called the results a “head fake.” She reiterated an “underperform” rating and suggested investors sell on the stock’s strength.
“Despite posting a better-than-expected quarter, we believe Tibco’s long-term growth prospects remain limited,” she said.
