ABST - Why Absolute Software Plummeted Today
Shares of Absolute Software (NASDAQ: ABST) were down about 17% as of 11:24 a.m. EDT today following the company's quarterly earnings release last night.
The small-cap cybersecurity platform reported numbers that might be seen as solid in an absolute sense but came in well short of analyst expectations. Unsurprisingly, the earnings miss on both the top and bottom lines sent the stock downward the following day.
In the quarter that ended in December, Absolute grew adjusted revenue by 9.1% over the prior year to $57.7 million, missing expectations by $1.64 million. Adjusted ( non-GAAP ) earnings per share came in at $0.05, only half of the $0.10 expected. The growth figure marked a noticeable deceleration from the mid-teens increases seen in prior quarters over the past year.
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Why Absolute Software Plummeted Today