Stock Alert: Citrix Systems Down 7% Despite Upbeat Q2 Results, Raised Outlook

(RTTNews) - Shares of Citrix Systems, Inc. (CTXS) are losing more than 7 percent or $11.91 in Thursday's morning trade at $155.24 despite the digital workspace technology provider reporting upbeat second-quarter financial results and raising its financial outlook for fiscal 2020.

Thursday, Citrix Systems reported net income for the second quarter of $112.91 million or $0.90 per share, up from $93.50 million or $0.70 per share in the year-ago period. Adjusted earnings were $1.53 per share. Revenue for the quarter rose 6.7 percent to $798.93 million from $748.70 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter on revenues of $773.8 million. Analysts' estimates typically exclude special items.

For the third quarter, Citrix Systems expects adjusted earnings between $1.20 and $1.25 per share, on revenues of $750 million to $760 million. The Street expects earnings of $1.2 per share for the quarter on revenues of $748.78 million.

For fiscal 2020, Citrix Systems now expects adjusted earnings per share between $5.65 and $5.85 per share, on revenues of $3.18 billion to $3.21 billion. The company previously expected full-year adjusted earnings of $5.40 to $5.60 per share and revenues of $3.10 billion to $3.16 billion. Analysts expect earnings of $5.63 per share on revenues of $3.18 billion.

Citrix Systems has traded in a range of $90.28 to $173.56 in the past 52 weeks. The stock already has a run-up since March this year and has gained 36 percent.