Cyberark Software Ltd (NASDAQ: CYBR) tumbled on Friday markets after the company lowered its guidance for the second quarter.
The company, based in Newton, Massachusetts, says it now expects total revenue of $57.0 million to $57.5 million, versus earlier guidance of $61.0 million to $62.0 million.
GAAP operating income is seen in the range of $700,000 and $1.1 million. Cash flow from operations is seen around $29 million for the first six months of 2017. All of this will be made official with the financial numbers are released August 8.
Said CyberArk CEO Udi Mokady, “We are disappointed that our results for the second quarter will be below the guidance we provided in May.
“The primary reason for our revenue shortfall was our performance in EMEA (Europe, Middle East and Africa), where certain deals that we anticipated would close did not close by the end of the quarter. We are actively working to determine and implement the appropriate steps to improve execution, drive stronger results and enhance visibility into our EMEA performance.”
CyberArk claims it is the only security company focused on eliminating the most advanced cyber threats; those that use insider privileges to attack the heart of the enterprise. “Dedicated to stopping attacks before they stop business,” company correspondence continues, “CyberArk proactively secures against cyber threats before attacks can escalate and do irreparable damage.”
The stock price plumbed a new 52-week low, falling $8.55, or 16.8%, to $42.46, in stark contrast to a 52-week high of $59.28, achieved last September.
