Shares of Citrix Systems (CTXS) - Get Citrix Systems, Inc. Report dropped in premarket trading Thursday after the enterprise software company issued a 2021 outlook that was short of expectations and reported mixed results for the second quarter.
The Fort Lauderdale, Florida, company said it expects full-year revenue between $3.22 billion and $3.25 billion with adjusted earnings between $4.75 and $4.95 a share. Analysts are expecting revenue of $3.4 billion with earnings of $5.70.
"Our overall performance in the second quarter was mixed. After a slower-than-expected pace of transitioning our installed base to the cloud during the onset of the pandemic, the transition has since gained momentum and is now progressing well," the company said in its earnings release.
For the second quarter, the company reported earnings of $1.24 a share on revenue of $812 million, topping analysts' estimates of $1.19 a share on revenue of $846.8 million.
Citrix Systems shares were down 16.6% to $95.58 in premarket trading.
"As we progress through this transition, we continue to believe that SaaS ARR is the best way to measure the progress we are making in transitioning our business to the cloud," the company said.