Citrix Systems, Inc (CTXS) has reported 66.91 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $27.62 million, or $0.17 a share in the quarter, compared with $83.46 million, or $0.54 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $151.61 million, or $0.97 a share compared with $155.34 million or $1 a share, a year ago. Revenue during the quarter went up marginally by 0.59 percent to $662.68 million from $658.77 million in the previous year period. Gross margin for the quarter contracted 31 basis points over the previous year period to 84.54 percent. Total expenses were 81.49 percent of quarterly revenues, down from 85.54 percent for the same period last year. This has led to an improvement of 405 basis points in operating margin to 18.51 percent.
Operating income for the quarter was $122.64 million, compared with $95.25 million in the previous year period.
"This was another strong quarter of execution by our global team,” said Kirill Tatarinov, chief executive officer for Citrix. "The momentum of our cloud transformation is accelerating. Our innovation and competitive positioning in that space is already paying off, and our solutions are benefiting our customers and partners.”
For the second-quarter, Citrix Systems expects revenue to be in the range of $685 million to $695 million. Citrix Systems expects revenue to be in the range of $2,810 million to $2,840 million for financial year 2017. The company projects diluted earnings per share to be in the range of $0.70 to $0.74 for the second-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $3.02 to $3.21. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.97 to $1 for the second-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $4.60 to $4.65 on adjusted basis.
Operating cash flow drops significantly
Citrix Systems, Inc has generated cash of $249.28 million from operating activities during the quarter, down 26.67 percent or $ 90.68 million, when compared with the last year period. Cash flow from investing activities was $164.74 million for the quarter as against cash outgo of $158.06 million in the last year period.
The company has spent $466.49 million cash to carry out financing activities during the quarter as against cash outgo of $39.20 million in the last year period.
Cash and cash equivalents stood at $907.98 million as on Mar. 31, 2017, up 76.89 percent or $394.67 million from $513.31 million on Mar. 31, 2016.
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