Blue Coat Systems plunges after missing Q4 estimates
Blue Coat Systems, Inc. (Nasdaq:BCSI) shares are losing more than a quarter of their value after the maker of Internet monitoring equipment said its adjusted fiscal fourth-quarter income clocked in at $13.1 million, or $0.33 per share, which fell short of Wall Street’s expectation of earning $0.40 per share. The Sunnyvale, Calif.-based firm posted adjusted earnings of $5.1 million, or $0.15 per share, in the year-earlier period.
Quarterly revenue surged 62% to $88.2 million, but still missed Wall Street’s expectation of $89.5 million. Blue Coat posted $54.5 million in revenue a year ago.
In Thursday morning trading, BCSI shares are falling 25.93%, or $5.87, to $16.77. For detailed price information and recent news stories about Blue Coat Systems, click BCSI.
