UPDATE 1-Qlik revenue misses estimates, software maker cuts forecasts
Oct 24 (Reuters) - Data analytics software maker Qlik Technologies Inc cut its full-year forecasts after reporting lower-than-expected third-quarter revenue due to weakness in Europe and the Asia Pacific region, sending its shares down 19 percent after the bell.
Qlik said it now expected a full-year adjusted profit of 23-26 cents per share on revenue of $465 million-$470 million.
The company said in July that it expected annual adjusted earnings of 37-41 cents per share on revenue of $473 million-$481 million.
IBM's information management business, which competes with Qlik, also reported slower growth last week.
"We continued to advance further into the enterprise space as reflected by the increase in large deals that we closed ...," CEO Lars Björk said, though he added that such deals were adding complexity to the company's sales process.
Qlik will "bring more discipline" to the management of its growing deal pipeline, with the changes reflected in its forecast for the current quarter, he said in a statement.
Qlik forecast adjusted earnings of 28-31 cents per share for the fourth quarter, on revenue of $156 million to $161 million. Analysts on average expected earnings of 45 cents per share on revenue of $165.8 million, according to Thomson Reuters I/B/E/S.
The company's third-quarter net profit rose to $3 million, or 3 cents per share, from $151,000 a year earlier.
Excluding items, Qlik earned 5 cents per share. Revenue rose 21 percent to $104.1 million.
Analysts on average had expected earnings of 3 cents per share on revenue of $107.7 million.
Rival Informatica Corp reported better-than-expected quarterly results, helped by a 16 percent rise in service revenue.
Qlik's shares were trading at $27.00 in extended trading on Thursday after closing at $33.38 on the Nasdaq.