Citrix Systems Inc. (CTXS) reported Thursday first-quarter profit and revenue that were well above expectations, as the digital workspace and networking company witnessed a surge in demand as a result of the COVID-19 pandemic. Net income increased to $181.2 million, or $1.42 a share, from $110.3 million, or 78 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.73, beating the FactSet consensus of $1.17. Revenue jumped 20% to $861 million, above the FactSet consensus of $733.7 million, as workspace revenue rose 27%. For 2020, Citrix expects adjusted EPS of $5.40 to $5.60, above the FactSet consensus of $5.39, and is guiding for revenue of $3.10 billion to $3.16 billion, compared with expectations of $3.11 billion. The stock, which slipped 1.3% in premarket trading, has soared 36.8% year to date through Wednesday, while the S&P 500 has dropped 13.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 23, 2020 07:28 ET (11:28 GMT)
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