U.S. Markets closed
  • S&P 500

    3,662.45
    +40.82 (+1.13%)
     
  • Dow 30

    29,823.92
    +185.28 (+0.63%)
     
  • Nasdaq

    12,355.11
    +156.37 (+1.28%)
     
  • Russell 2000

    1,836.05
    +16.23 (+0.89%)
     
  • Crude Oil

    44.40
    -0.94 (-2.07%)
     
  • Gold

    1,813.90
    +38.20 (+2.15%)
     
  • Silver

    24.14
    +1.55 (+6.85%)
     
  • EUR/USD

    1.2077
    +0.0143 (+1.1956%)
     
  • 10-Yr Bond

    0.9340
    +0.0900 (+10.66%)
     
  • Vix

    20.77
    +0.20 (+0.97%)
     
  • GBP/USD

    1.3428
    +0.0097 (+0.7265%)
     
  • USD/JPY

    104.3180
    -0.0060 (-0.0057%)
     
  • BTC-USD

    18,960.56
    -439.21 (-2.26%)
     
  • CMC Crypto 200

    372.03
    -7.83 (-2.06%)
     
  • FTSE 100

    6,384.73
    +118.54 (+1.89%)
     
  • Nikkei 225

    26,787.54
    +353.92 (+1.34%)
     

Citrix Drops as Working from Home Doesn't Bring Home the Bacon

·1 min read

By Christiana Sciaudone

Investing.com - Citrix Systems Inc (NASDAQ:CTXS) is proving that the Covid-19 work-from-home play doesn’t always pan out.

Shares dropped 11% from Wednesday's record high after the company said that demand for Workspace and Networking products continued, “albeit at a less hurried pace than was experienced in the back half of the first quarter, during the early COVID-19 related stay-at-home orders."

Citrix said that customers are focusing on immediate business critical needs rather than prioritizing larger, broader, longer-term digital transformation projects. “As a result, the uptake of transitioning and trading customers up to our cloud offering is not progressing at the rate we had anticipated coming into the year,” the company said. “This lag in the transition and trade-up motion will have an impact on revenue in the medium term.”

Earnings per share for the second quarter beat the estimate, coming in at $1.53 versus $1.23. Revenue came in at $799 million compared to the $769 million estimated by analysts surveyed by Investing.com.

Citrix has six buy ratings, six holds and one sell, according to data compiled by Investing.com.

Related Articles

Big U.S. Boeing customers want the 737 MAX but say contracts need re-set

Apple faces deceptive trade practices probe by multiple U.S. states: document

Dow Sees Red as Big Tech Struggles; Jump in Jobless Claims Sparks Worry