Citrix Systems Beats Profit Expectations, To Cut 900 Jobs

Shares of Citrix Systems rose 3.1% in after-hours trade Wednesday, after the software company reported better-than-expected fourth-quarter results, and said it would lay off about 900 workers. The company, which currently has about 9,166 employees according to FactSet data, said that as part of a restructuring aimed at cutting costs by $90 million to $100 million, it would cut about 700 full-time jobs and 200 contractor positions. Citrix also said fourth-quarter earnings per share, excluding non-recurring items, rose to $1.10 from $1.04 a year ago, and exceeded the FactSet consensus analyst estimate of $1.03. Revenue rose 6% to $851 million, topping analyst forecasts of $844 million. For the first quarter, adjusted earnings per share are expected to be 70 cents to 72 cents, below analyst projections of 80 cents.