(Reuters) - Cloud computing software maker Citrix Systems Inc reported a lower-than-expected first-quarter profit, hurt by higher expenses and weak IT spending by its customers.
Net income fell to $59.7 million, or 32 cents per share, from $68.3 million, or 36 cents per share, a year earlier. Excluding items, it earned 62 cents per share. Revenue rose 14 percent to $672.3 million.
Analysts on average had expected earnings of 63 cents per share on revenue of $676.9 million, according to Thomson Reuters I/B/E/S.
Citrix’s cloud computing software allows customers to access applications remotely from a central server, and reduces costs by eliminating the need to upgrade and install software on each individual computer on site.
Reporting by Sayantani Ghosh and Supantha Mukherjee in Bangalore; Editing by Don Sebastian