Shares of CyberArk Software Ltd. fell more than 15% late Thursday after the company predicted smaller sales and profits in the second quarter. CyberArk said it expects total revenue in the range of $57 million to $57.5 million, compared with previous guidance $61 million to $62 million. The company forecast GAAP operating income in the range of $700,000 to $1.1 million, and non-GAAP operating income in the range of $8.5 million to $8.9 million, compared to a prior forecast of between $10.9 million and $11.7 million. CyberArk said it will provide full financial results and updated guidance on Aug. 8. CyberArk is "disappointed that our results for the second quarter will be below the guidance we provided in May," CyberArk CEO Udi Mokady said in a statement. The primary reason for the revenue shortfall was the company's performance in the Africa and Middle East region, "where certain deals that we anticipated would close did not close by the end of the quarter," the company said. Shares ended the regular session up 1.1%.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.