John123
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John123 in Gainers & Losers,

CTXS plunged 10% on Sub-Par FY16 Outlook

Shares of Citrix Systems Inc. (CTXS) plunged on Wednesday after the business management and communications software firm last night offered below-consensus FY16 revenue growth as well as disclosing plans to eliminate about 10% of its current workforce and also spinning off its Go To video-conferencing business.

Looking ahead to next year, Citrix is expecting net revenue to increase between 1% to 2% over year-ago levels, or roughly $3.28 billion-3.31 billion based on the midpoint of the company's FY15 guidance, trailing the Capital IQ consensus for $3.4 billion in revenue next year.

The company also is projecting non-GAAP per-share earning for FY15 in a range of $4.40 to $4.50, topping the $4.19 per share analyst consensus.

Citrix also said it would take a pretax charge of between $65 million to $85 million in Q4, with most of the job cuts taking place this month and in January.

CTXS shares were down 10.05% at $70.54 per share.

I think this fall is overdone. Outlook was not that bad. Technical picture is god enough. Price are not far away from weekly support. So it is time to buy, imho.