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Qlik cuts 2013 revenue guidance, stock sinks

The Associated Press

NEWS: Software maker Qlik Technologies Inc.'s stock plunged in after-market trading after it cut its guidance for full-year revenue and profit and its third-quarter revenue came in lower than analysts had expected.

DETAILS: The Radnor, Pa., company said its sales process has gotten more complex because of its success in attracting large customers. It said it will be "taking action to bring more discipline to the management of our growing pipeline, and we expect these changes to take some time to fully impact our results," according to a statement quoting CEO Lars Bjork.

NUMBERS: Qlik earned $3 million, or 3 cents per share, for the quarter that ended Sept. 30. That was up from $151,000, or break-even per share, a year earlier. Revenue rose almost 21 percent to $104.1 million, from $86.1 million a year earlier. Not counting special items it said it would have earned 5 cents per share. Analysts surveyed by FactSet had been expecting a profit 3 cents per share on revenue of $107.8 million.

FUTURE: Qlik projected full-year revenue of $465 million to $470 million and adjusted earnings per share of 23 cents to 26 cents. In July it had been expecting $473 million to $481 million and a per-share profit of 37 cents to 41 cents. Analysts surveyed by FactSet had been expecting revenue of $478.4 million and earnings per share of 38 cents.

STOCK: Before the results were released Thursday afternoon, its shares had risen 3 cents to close at $33.48. But they sank $6.48, or 19.4 percent, to $27 in after-market trading. Their 52-week range is $16.71 to $37.56.