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This cloud security stock is crashing after the company reported weak guidance

skydive
skydive

(Rick Neves/Shutterstock)

Shares of Qualys fell by more than 26% in early trading on Tuesday after the company reported first quarter earnings and lowered its guidance for full-year revenues.

On Monday, the cloud security company reported revenues of $37.5 million, up 24% from the quarter a year ago, but below analysts’ estimates of $40 million, according to Bloomberg.

The company reported diluted earnings per share of 15 cents, better than the estimate for 11 cents.

CEO Philippe Courtot said in the earnings statement: "We had a good quarter with continued success across our business, including laying the groundwork for three major new services that we launched at the RSA Conference last month. These launches, which collectively double our addressable market, include: first and foremost, our disruptive Cloud Agent Platform; second, the seamless integration of our Web Application Scanning and Web Application Firewall services, which is an industry first; and third, the extension to internal networks of our successful Continuous Monitoring solution for perimeters."

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The company expects 2015 revenues of between $165 and $166.5 million, down from the range of $167.3 million – $169.3 million earlier guided. It's a 26% decline from the midpoint of their previous range, and would be a 24% increase from 2014 revenues.

Analysts had expected full-year revenues of $168.4 for the year, according to MarketWatch.

The stock closed 6% higher on Monday at around $55 per share. It's up 9% year-to-date and a whopping 116% over the past 12 months.

Qualys has a market cap of $1.8 billion.

Here's a five-day chart showing the plunge in early trading on Tuesday:

Screen Shot 2015 05 05 at 9.38.44 AM
Screen Shot 2015 05 05 at 9.38.44 AM

(Yahoo Finance)

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