Shares of virtual computing giant Citrix Systems (CTXS) jumped in early trading on news of strong product license and services growth in the third quarter.
Citrix shares were up nearly $8 to around $72 before U.S. markets opened.
Earnings of 64 cents per share topped what analysts were expecting by six cents. Analyst Walter Pritchard at Citi says the impact of taxes was better than expected, accounting for 4 cents of the beat, and revenue from desktop solutions was better than expected.
Citrix’ outlook similarly topped what the Street anticipated.� The company is looking for fourth quarter revenue of between $610 million and $620 million, and earnings per share of 75 cents to 76 cents. (Consensus was $609 million and 74 cents.)
And for fiscal 2012, Citrix projects $2.47 to $2.48 billion in revenue, which contrasts “chatter of weak pipelines, and will likely drives shares higher,” Pritchard says.
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