Why Citrix Stock Got Crushed Today
Shares of Citrix (NASDAQ: CTXS) have gotten crushed today, down by 11% as of 2:15 p.m. EDT, after the company reported second-quarter earnings. The results topped analysts' estimates, but investors may have been pricing in higher expectations, as the stock has rallied in recent months.
Revenue in the second quarter increased 7% to $799 million, ahead of the $769.1 million in sales that analysts were modeling for. That translated into adjusted earnings per share of $1.53, also beating the $1.23 per share in adjusted profits that Wall Street was expecting. Subscription annualized recurring revenue (ARR) was $949 million in the second quarter, with subscription bookings representing 76% of total product bookings. The shift to remote work is boosting demand for Citrix's virtualization offerings.
Image source: Citrix Systems.
Source Fool.com
