NEW YORK ( TheStreet) -- Even though Qlik Technologies (QLIK) reported that it grew revenue by 26% over the past year, the company's shares were pushed lower Friday. TheStreet's Gregg Greenberg is with Lars Bjork, the CEO, discussing what lies in the company's future.
Qlik posted solid top-line growth, but missed on the bottom line, posting a 2 cents per share loss, vs. the 1 cent per share loss that was expected.
However, the CEO didn't seem too worried. Instead he pointed to the solid growth that the company has demonstrated and said that this is typically the time of year they make investments.
But Wall Street wasn't as disappointed with the results as much as they were with the low full-year guidance. Bjork countered that the low guidance still shows relatively strong growth, close to 25%, and that there are plenty of great opportunities still ahead.He added that global demand has been strong and with new product introductions coming in the fourth quarter, it should remain that way. Citing an easy user interface and quick adaptivity, he says the new products will be better than ones from competitors like Oracle (ORCL) or IBM (IBM), which in his words have "old technology." Bjork concluded that customers are looking for something new and fresh but admitted customer migration would not be a fast process. Due to Qlik's innovation, it might become a takeover target for the two formerly mentioned "old technology" companies. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts