Cyan Earnings: Here’s Why the Stock is Down Now
Cyan (NYSE:CYNI) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.27%.
Cyan Earnings Cheat Sheet
Revenue: Was the same at $31.69 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Cyan reported adjusted EPS loss of $0.24 per share. By that measure, the company beat the mean analyst estimate of $-0.31. It beat the average revenue estimate of $30.26 million.
Quoting Management: “For the second quarter, Cyan delivered record revenue and gross margin while continuing to make investments to capitalize on our large and growing addressable market,” said Mark Floyd, Cyan’s chairman and chief executive officer. “Our Blue Planet software-defined network (SDN) platform is a key differentiator and continued to gain momentum, with over 85 customers implementing this innovative technology since its launch last December. We continued to make significant strides in our international expansion, increasing our presence to 13 countries outside of North America and increasing our international partnership base. During the second quarter, we successfully completed our IPO and ended the quarter with over $92 million in cash and cash equivalents.”
Key Stats (on next page)…