Updated to include news on Cephalon and Universal Travel Group.
NEW YORK ( TheStreet) -- Shares of Tibco Software (TIBX - Get Report) tumbled in extended trading on Tuesday after the Palo Alto, Calif.-based cloud computing application maker edged past Wall Street's expectations for its fiscal first-quarter results.
The company reported non-GAAP earnings of $27.3 million, or 16 cents a share, for the three months ended Feb. 27 on revenue of $185.3 million. The average estimate of analysts polled by
Thomson Reuters was for a profit of 15 cents a share on revenue of $182.7 million in the February period. While Tibco's performance was ahead of the consensus view, the magnitude of the beat was only 5% vs. a 16% average beat in the previous eight quarters.
The stock was last quoted at $24.80, down 5.6%, on volume of 1.1 million, according to Nasdaq.com. Based on a regular session close at $26.27, the shares have appreciated more than 32% since the start of 2011 and almost 140% in the past year, hitting a 52-week high of $26.77 on March 25."Our business continues to gain steam, as we demonstrated again by delivering the strongest license growth for a Q1 in ten years and a 33% increase in non-GAAP EPS," said Vivek Ranadivé, the company's chairman and CEO, in a statement. "The push for mobility, the emergence of the cloud, and the demand for social collaboration are powerful trends that are generating massive streams of real-time information and creating new possibilities in a connected world." Wall Street was already showing some skepticism toward Tibco ahead of the report with seven of the 11 analysts covering the stock at either hold (6) or underperform (1).