Citrix shares slump after revenue warning

Stock price falls 14 per cent as it warns revenue will be about $30m under its expectations

Citrix shares slumped last night as the vendor warned investors it would be way off its revenue expectations for the third quarter and would miss on profit too.

Shares slid as much as 14 per cent after the virtualisation giant said its revenue would come in at between $710m (£445m) and $712m for Q3, instead of between the expected range of $730m and $740m.

Net income will also not reach expectations when it announces its results for the quarter ending 30 September later this month. It was estimated net profit would come in at $0.41 or $0.42 per diluted share, but instead will reach either $0.39 or $0.40.

Citrix said it would divulge more information as to why this happened after its full results are issued later this month, but in the meantime said it was disappointed.

"While we are disappointed that we fell short of our expectations this quarter, we remain confident in our strategy and markets," said chief executive Mark Templeton.

"Our focus remains steadfast on helping our customers leverage cloud services and business mobility to improve the security and agility of their IT infrastructure. We will provide more colour at our regularly scheduled conference call on 23 October."