2 Takeaways From AspenTech Earnings Miss
Aspen Technology (NASDAQ: AZPN) released its second quarter financial results, and unfortunately for AspenTech's owners, the market did not like what it saw. When we last looked at the company, its stock price was around $120 per share. And now the price is again hovering around $120 after dropping more than 15% in the days following the release. Here are a couple of things that I saw from the last quarter's results.
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The market had quite a negative reaction from AspenTech's earnings release, but none of the news appeared to indicate any permanent issues for the company. What the company did report was licensing revenue down about 25% and net income down about 35% compared to the second quarter last year. The company primarily attributed the drop in revenues versus last year to some deals that were expected to close in the second quarter but are now expected to close in the third quarter as well as a decrease in the number of licenses up for renewal compared to the previous year.
Source Fool.com
