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Why Citrix Systems Stock Just Crashed
Shares of Citrix Systems (NASDAQ: CTXS) plummeted 14.3% through 1:15 p.m. EDT today, after the software-as-a-service (SaaS) provider announced what even it called “mixed” results in its fiscal Q2 2021 financial report. On the one hand, Citrix beat earnings with a report of $1.24 per share (pro forma) earned, where Wall Street had been looking for only $1.19. Citrix’s $1.24-per-share pro forma profit vastly overstated the company’s profits as calculated according to generally accepted accounting principles (GAAP), which amounted to only $0.50 per share, a year-over-year decline of 44%.
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