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Tibco revenue misses estimatesUS-TIBCO-RESULTS:Tibco revenue misses estimates
(Reuters) - Business software maker Tibco Software <TIBX.O> reported third-quarter revenue that failed to meet analysts' expectations.
Net income rose to $26.1 million, or 15 cents per share, in the third quarter from $23.5 million, or 14 cents per share, a year earlier.
Excluding one-time items, the company earned 27 cents per share. Third-quarter revenue rose 11 percent to $255 million.
Analysts on average had expected the company to earn 27 cents per share on revenue of $259.8 million, according to Thomson Reuters I/B/E/S.
Tibco makes software to coordinate business processes and manage workflow and competes with companies like Progress Software Corp <PRGS.O> and bigger vendors like Oracle <ORCL.O>.
Brokerage ThinkEquity said last week that Tibco might reduce headcount, leading to possible execution issues and slower growth ahead. The company denied any plans to cut jobs.
It removed its U.S. head of sales in June as it restructured its business in its biggest market.
Last month, a German magazine reported that SAP <SAPG.DE>, world's biggest maker of business software, failed to reach its internal profit target in the first half of the year and told staff to rein in costs to meet the full-year goal.
Shares of Palo Alto, California-based Tibco, which have gained 16 percent since the company announced its business reorganization plans on June 28, fell 3 percent on Thursday after market. They had closed at $29.86 on the Nasdaq.
(Reporting by Sruthi Ramakrishnan; Editing by Sreejiraj Eluvangal)
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