Qlik Technologies shares fall after 3Q miss
LOS ANGELES (AP) — Shares of business intelligence software maker Qlik Technologies Inc. fell 8 percent Friday, a day after the company reported third-quarter earnings and revenue that fell short of analysts' estimates.
THE SPARK: On Thursday after the market closed, Qlik reported that net income fell 87 percent to $151,000, or break-even per share, in the three months that ended Sept. 30. Adjusted to exclude stock-based compensation and other items, adjusted earnings came to 2 cents per share, below the 3 cents expected by analysts polled by FactSet.
Revenue rose 14 percent to $86.1 million, also short of the $88 million analysts were expecting.
The company said it expected fourth-quarter adjusted earnings of 22 cents to 24 cents per share on revenue of $125 million to $130 million. Analysts had been expecting adjusted earnings of 29 cents per share on $128 million in revenue.
THE BIG PICTURE: Radnor, Pa.-based Qlik Technologies makes tools that help businesses analyze internal data as well as perform other functions. CEO Lars Bjork said third-quarter sales to small and midsized customers were strong but said a challenging environment meant it was taking longer to generate new sales.
SHARE ACTION: Shares closed down $1.56, or 7.7 percent, at $18.72 on Friday after dipping as low as $17.26, a 52-week low. Shares are down from a 52-week high of $20.28 reached in April.
