CyberArk Software (CYBR) stock plunged after the computer security software provider preannounced June-quarter revenue that missed consensus estimates.
The company blamed the Q2 miss on weakness in its business in Europe and the Middle East.
"We are disappointed that our results for the second quarter will be below the guidance we provided in May," CyberArk CEO Udi Mokady said in a news release. "The primary reason for our revenue shortfall was our performance in EMEA, where certain deals that we anticipated would close did not close by the end of the quarter."
CyberArk is based in Israel and Newton, Mass.
CyberArk said it expects second-quarter revenue in a range of $57 million to $57.5 million vs. analyst estimates of $62 million. The company earlier had forecast revenue of $61.5 million at the midpoint of its guidance.
CyberArk expects non-GAAP operating income in the range of $8.5 million to $8.9 million vs. earlier guidance of $11.3 million.
Analysts had estimated Q2 non-GAAP profit of 24 cents.
CyberArk will report Q2 results on Aug. 8.
Hackers often aim to compromise networks by targeting employees or management with administrative access to company computer systems. CyberArk's software monitors and manages privileged accounts.
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