NEW YORK (TheStreet) -- Shares of MobileIron (MOBL) - Get MobileIron, Inc. Report were falling 28.5% to $6.79 on heavy trading volume after the software company announced the resignation of its CFO and preliminary results for the first quarter.
CFO Todd Ford will resign from his position at MobileIron to join another company. Ford will stay through the submission of the company's 10-Q filing no later than May 4, 2015.
MobileIron said it expects to name an interim CFO shortly, and will conduct a search for a permanent replacement. The company said Ford's departure "is not based on any disagreement with the company's accounting principles or practices or financial statement disclosures."
In a separate release MobileIron announced preliminary first quarter results, saying it expects to report revenue of $32 million to $33 million for the quarter, below its previous guidance of $34 million to $37 million. Analysts expect the company to report earnings of $36.26 million for the first quarter.
MobileIron will report its full first quarter results after the close of business on April 30.
About 2.1 million shares of MobileIron were traded by 9:52 a.m. Thursday, above the company's average trading volume of about 344,000 shares a day.
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