The Palo Alto, California-based company reported revenue up 40% to $104.1m and profits of $10.4m (up from $8.5m in the same year-ago quarter). Wall Street analysts were expecting revenue of $101.4m for the quarter.
License revenue, a key metric for growth, rose 35% to $51m for the quarter in which nearly 100 new customers were added.
Tibco’s results were pretty much company in-line with a diminished forecast issued by the company earlier this month which it blamed on poor sales performance in Europe and a failure to close several important deals.
Tibco is still adjusting to recent changes made to its sales leadership team. Ironing out its sales operations is likely to take several quarters least. The seasonal weakness in Europe over the latter summer months might even push back a full recovery until Q4.
Tibco, however, is sticking to Q2 revenue and earnings targets issued in line with Wall Street expectations. Revenue for Q2 is pegged at between $105 to $110m range.
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