Tibco Software Q1 Profit Rises - Update

(RTTNews) - Tibco Software Inc. (TIBX) Thursday reported an increase in profit for the first quarter, as revenues rose reflecting continued growth for cloud-computing services. Earnings for the quarter beat analysts' expectations by a penny, while revenues also came in ahead.

Palo Alto, California-based Tibco's first-quarter profit rose to $12.2 million or $0.07 per share from $9.5 million or $0.06 per share last year.

Adjusted earnings for the quarter rose to $0.19 per share from $0.18 per share last year. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Tibco provides infrastructure software for companies to use on-premise or as part of cloud computing environment.

Tibco's total revenues grew to $252.9 million from $237.8 million last year. Twenty-two analysts had consensus revenue estimate of $250.56 million for the quarter.

"We've started our year with a step in the right direction, showing a record level of total revenue for a Q1," said CEO Vivek Ranadivé.

During the first quarter, Tibco said it closed 126 deals over $100 thousand and had 18 deals over $1 million.

TIBX closed Thursday's regular trade at $21.59, down $0.23 or 1.05%, on the Nasdaq. The stock, however, gained $0.57 or 2.64% in after-hours trade.