Business software maker Tibco Software Inc on Thursday met lowered expectations with a 22 percent rise in profit but forecast current-quarter earnings could miss Wall Street targets. Tibco, whose shares traded slightly lower after hours, warned earlier this month that its business in Europe was slowing.
The company said first-quarter net income rose to $10.4 million, or 4 cents a share, from $8.5 million, or 4 cents per share, a year earlier.
Revenues were $104.1 versus $74.4 million a year earlier at Tibco, whose software stitches together various software programs.
Earnings, excluding items like stock-based compensation charges, were 5 cents, meeting Wall Street targets. Analysts had seen revenue of $102.3 million, according to Reuters Estimates.
On March 1, Tibco warned it would miss Wall Street estimates, primarily because of "lack of execution" in Europe.
At the time, it projected a first-quarter profit of 3 cents to 4 cents per share on revenue of $100 million to $102 million.
Tibco, in a conference call with analysts, said it was taking a "conservative approach" to its outlook, and forecast current second quarter earnings, excluding items, of 5 cents to 6 cents per share on revenues between $105 million to $110 million.
Analysts were expecting earnings of 6 cents a share on sales of $109.6 million, according to Reuters Estimates.
Tibco shares traded down at $7.60 in after hours trade after closing up 2.4 percent at $7.73 on the Nasdaq on Thursday.
Reuters Group Plc had an 8 percent stake in the Palo Alto, California-based company as of the end of 2004.