The cyber company
and Ronis
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The Israeli information management and security company now trades at a valuation of just $1.96 billion, a 73% crash in just over a year – all the way down from a valuation of $8.5 billion.
The company is falling by 33% today after the company missed the forecasts for the third quarter of the year. The company reported revenues of $123.3 million, and adjusted earnings per share (Non-GAAP) of $0.05, below expectations of $125 million. In fact, the company also missed its own forecast as last quarter it expected growth of up to 25% and a range of $123 to $125.5 million, and it came in below the middle of its range and growth of 23% overall (the lower end of its range).
The company lowers forecasts for the future – and cuts growth for the quarter and the entire year
But what is worse for the company is the expectation for the future: the company lowers its forecasts and expects revenues of 139-142 million dollars in the fourth quarter, which means a growth of only 10-12%, far below the growth of 23% in the third quarter. This is also a forecast that is completely low and far from the analysts’ expectations of 154.66 million dollars.
At the annual level, it lowers the forecasts to revenues of 470-473 million dollars, i.e. a growth of up to 21%, compared to the forecast from only the previous quarter, when it expected to bring in 485 to 490 million dollars this year, or a growth of 24% to 26%. The analyst consensus for the entire year was for revenues of $486.8 million.
The company is also forced to lower the forecast to the bottom line and anticipates that the annual profit per share on a Non-GAAP basis is expected to be $0.14-0.15 per share, compared to the expected range of $0.19 to $0.22, in the previous forecast and far below the analysts’ expectations of $0.2 per share.
Regarding the earnings per share forecast for the coming quarter, the company expects earnings per share of $0.17-0.18, lower than analysts’ expectations of $0.22 per share.
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In an attempt to stop the crash of the stock, Varonis announced a buyback in the amount of 100 million dollars.
Guy Melamed, CFO of Voronis, said on the background of the reports: “Despite the currency adjustment and the exit from our business in Russia, annual recurring revenue (ARR) grew by 30% year-on-year and total revenue grew by 27% year-on-year, respectively. At the same time, we face headwinds from macroeconomic uncertainty and continued foreign currency weakness, which we believe will further impact our reported results in the near term. As a result of these challenges, we are adjusting our full-year guidance and taking measures regarding factors we do control.”
To try to encourage the investors (unsuccessfully) Yikki Faytelson, the CEO of the company added that the company is releasing early a version of its data security platform as a SaaS (software as a service) delivery model. The automation they need to stay ahead of bad players. Together, these improvements create significant value for our customers.”
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