http://www.bizjournals.com/triangle/blog/techflash/2015/04/ceo-citrix-underestimated-the-impact-of-layoff.html
Citrix (Nasdaq: CTXS) CEO Mark Templeton says the company “underestimated the impact” of its recent restructuring plan – a layoff round that, while it barely nicked the Raleigh headcount, packed a punch to the global headcount of the Florida technology company. About 900 people lost their jobs.
The comments were made as Templeton reported that revenue will likely fall in the range of $755 million to $760 million, below the previously reported guidance of $780 million to $790 million.
Templeton reiterated to investors what he said previously about that restructuring plan, that it was “to get the business ready for our next phase of growth.”
Citrix announces its earnings officially on Wednesday, April 22.
“We are disappointed with our Q1 results, but fully committed to the financial, operational and strategic initiatives announced last quarter,” Templeton says.
In addition to the restructuring plan, the results were blamed on foreign exchange issues that “impacted results and customer-buying behavior to a larger extent than anticipated in the quarter.”
It's not the first time in recent months Templeton has warned investors of a revenue miss.
In October, the firm warned it would miss its revenue guidance by about $20 million for that quarter.
“While we are disappointed that we fell short of our expectations this quarter, we remain confident in our strategy and markets,” Templeton said at the time.
In January, he announced the restructuring plan.
Citrix, which develops products that make it easier to work remotely, brought hundreds of jobs into downtown Raleigh when, after acquiring Raleigh-based Sharefile, it decided to build a massive campus in the Warehouse District.
Stock had fallen nearly 3 percent by mid-morning to trade at $62.80 per share.