Informatica, Seagate, Apple: Tech Premarket
NEW YORK (TheStreet) -- Software specialist Informatica(INFA) was the big loser on Friday, plummeting 27.53% to $31.43 after it announced weak preliminary second-quarter results.
After market close on Thursday, Informatica said that it expects revenue between $188 million and $190 million. Excluding items, the software maker predicts earnings of 27 cents a share to 28 cents a share.
Analysts were expecting revenue of $217.2 million and earnings of 37 cents a share.
"After 31 consecutive quarters of consistent results, I am disappointed that we fell well short of our own expectations in the second quarter of 2012," explained Informatica CEO Sohaib Abbasi, in a statement released on Thursday. "Clearly, we did not adapt as rapidly as we should have to the changing macroeconomic environment, especially in Europe."
Informatica was also one of the most active premarket Nasdaq stocks on share volume of 327,334.
In a note released on Friday BMO Capital Markets lowered its Informatica 2012 revenue target from $900 million to $796 million and its non-GAAP EPS target from $1.62 to $1.43 cents a share.
Seagate(STX) was another loser in premarket trading on Friday, tumbling 3.03% to $24.32 after announcing weaker-than-expected preliminary fourth-quarter results.
After market close on Thursday, the hard drive maker said that it expects to report revenue of around $4.5 billion and non-GAAP gross margin of 33.6%. Previously, Seagate had forecast sales of at least $5 billion and gross margin of at least 34.5%.
Seagate, however, forecast record unit shipments for the June quarter of approximately 66 million.
"Seagate expects to report another record quarter of revenue in the June quarter, however we did not meet our expected revenue and margin plan," explained Steve Luczo, the Seagate CEO, in a statement released after market close.
Luczo blamed the June quarter shortfall on two factors. "First, we did not achieve our planned market share growth as we reduced shipments in response to the industry's faster-than-expected recovery from their supply chain disruption," he noted. "Second, we experienced an isolated supplier quality issue that affected one of our enterprise product lines."