Pivotal stock plunges after revenue miss, weak guidance
Pivotal Software Inc. shares dove more than 8% in the extended session Thursday after the company beat consensus estimates for its losses but issued weaker-than-expected guidance. The company reported fiscal fourth-quarter losses of $38.9 million, or 15 cents a share, compared with losses of $37.2 million, or 54 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation, losses were 7 cents a share. Revenue rose to $169.2 million from $133.2 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 9 cents a share on revenue of $170.1 million. For the fiscal first quarter, analysts model adjusted losses of 6 cents a share and sales of $190.1 million. Pivotal said it expects fiscal first-quarter adjusted losses of 15 cents to 13 cents and revenue of $183 million to $185 million. Pivtal stock has fallen 16% in the past nine months, with the S&P 500 index rising 1%.
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