CTXS Citrix Systems Inc

   By Tess Stynes 
 

Citrix Systems Inc. (CTXS) raised its 2016 guidance as the software maker reported better than-expected results for the first quarter.

The Santa Clara, Calif., company's shares rose 5.7% to $85.10 in after-hours trading.

For 2016, Citrix raised its adjusted per-share earnings estimate to $4.90 to $5.00 on revenue of $3.34 billion to $3.36 billion. It previously estimated an adjusted per-share profit of $4.65 to $4.75 and revenue of $3.31 billion to $3.32 billion.

For the current quarter, Citrix forecasted adjusted per-share earnings of $1.12 to $1.15 and revenue of $810 million to $820 million. Analysts polled by Thomson Reuters expected adjusted per-share profit of $1.11 and revenue of $814 million.

Over all for its latest quarter, Citrix reported a profit of $83.5 million, or 54 cents a share, up from $28.9 million, or 18 cents a share, a year earlier. Excluding stock-based compensation, spinoff-related expenses, restructuring charges and other items, per-share adjusted earnings rose to $1.18 from 65 cents. Revenue increased 8.5% to $825.7 million.

The company expected adjusted per-share profit of 91 cents to 93 cents and revenue of $785 million to $790 million.

Chief Executive Kirill Tatarinov, a former Microsoft Corp. executive, took the helm at Citrix in late January. He succeeds Mark Templeton, whose retirement was announced in July along with a series of leadership and potential structural changes after pressure from activist investor Elliott Management Corp.

Citrix makes workplace software that allows employees to work from their own desktops or mobile devices off a centralized data center, which is known as virtualization. The company last year unveiled plans to spin off its GoTo business as a separate publicly traded company. The GoTo business includes the GoTo Meeting software that allows users to connect to business meetings from many devices.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

April 20, 2016 17:44 ET (21:44 GMT)

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