Home Market Micro Focus shares hit after results miss forecasts

British technology group Micro Focus has seen its shares fall after the announcement of half-yearly results earlier this week, when it said that its revenue would drop by between 2% and 4% in the 12 months to October 2018.

Shares fell by more than 10% on Monday after its results came in below the expectations of analysts.

Micro Focus, which bought the software assets of HPE and concluded the merger in September last year, reported US$1.234 billion in revenue, which was an increase of 80% year-on-year.

Of this, US$569.8 million came from the HPE Software division.

The revenue from Micro Focus itself and its SUSE product line — it acquired SUSE Linux in 2014 — fell by 2.9% to US$664.7 million.

Micro Focus alone saw a fall of 7% to US$500.3 million, from US$537.7 million in the corresponding period a year ago.

The SUSE Linux division grew 13.3% to US$164 million. Back in 2012, the company's first year as a private standalone business under its former owner Attachmate, SUSE made about US$225 million in revenue.

Micro Focus executive chairman Kevin Loosemore said: “The period under review has seen the completion of the combination of Micro Focus with HPE Software to create one of the world’s largest pure play software companies.

"This was a complex transaction with 12 months between announcement and completion. We are now fully engaged in the integration of the combined company."

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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