Micro Focus's stock value halves after warning on revenue
Micro Focus's stock value halves after warning on revenue
Micro Focus Shares Tumble Amid Sales Slump and CEO Exit
19 March, 2018, 19:39
Micro Focus International, based in the United Kingdom, said it is now expecting that revenue would fall between 6% and 9% for the 12-month period through October 31, 2018, which is significantly high than the 2% to 4% decline that it predicted in its January results.
Hsu has submitted his resignation in order to spend more time with his family and pursue another opportunity, the company said.
Headquartered in Newbury, west of London, Micro Focus was founded in 1976 and built itself up by growing its own software business and acquisitions, with the purchase of the much larger HPE transforming the company.
At its interim results in January, the company said revenue would fall this year after disappointing sales from the HPE software assets.
Micro Focus added that boss Chris Hsu, a former HPE executive, had chose to step down immediately "in order to spend more time with his family and pursue another opportunity". Cost cutting has been "ahead of schedule" since the acquisition and so earnings before interest, tax, depreciation and amortisation will not fall quite as much, with an adjusted EBITDA margin percentage of roughly 37%.
Apple Begins MicroLED Screen Development
While they are saying that OLED displays will be the future of smartphones, at present, it does make devices pretty expensive. Many earlier reports have suggested that Apple wants to reduce its reliance on Samsung and third-party suppliers in general.
"Clearly we have let people down with this execution and we have to rebuild that trust", Kevin Loosemore, chairman of Micro Focus, told Bloomberg in an interview. "We believe that Micro Focus is well positioned to help our customers with the increasing pace of change across their hybrid IT environments and to deliver customer centred innovation".
Shares plunged 54% to 860p in late morning trading. The company further announced that its chief executive was stepping down from the company.
It said it expected revenue in the first half of the year to be down between 9 and 12 percent, indicating it expects the second half to be better than the first.
"This implies that licences could be down 20-30% in the April period".
This was mostly due to effects from one-off transactions of the company's takeover of the software assets of HPE for $8.8 billion in 2017, and with issues that had been associated with implementing a new IT system, said Micro Focus.
Orders received before June 3 will include a six-month trial for Viveport , which gives you five games of your choice every month. According to HTC, jacking the resolution up by 78 percent enables the Vive Pro to display crisper visuals.
Mr Turnbull has vowed to raise the situation in Rakhine state with Ms Suu Kyi privately during their Canberra meeting on Monday. It coincides with the Nobel laureate attending a special summit of Southeast Asian leaders in Sydney .
However, Liverpool and City will face in the Champions League quarterfinals and the Reds' current form is exceptional. Watford offered little aside from a dipping free-kick from Roberto Pereyra when they were already 3-0 down.
The acquisition will result in Hammerson shareholders owning 55% of the combined firm and Intu investors the remainder. Shares in Klepierre, which counts US -based Simon Property Group SPG.N as its biggest investor, were down 4 percent.
Members of a local election commission prepare a polling station ahead of Russia's presidential election in Simferopol, Crimea . Russian opposition leader Alexei Navalny says he boycotted the presidential election and advises other Russians to do the same.
They will be the subject of intense negotiation in the months leading up to the deadline for a final agreement in October. The government seem to have disregarded them on the length of the transition period.
North Carolina State's Michael Macchiavello won a 3-1 decision over Virginia Tech's Jared Haught for the 197-pound championship. Penn State needed it, too, because Snyder won the heavyweight title soon after with a 3-2 decision over MI nemesis Adam Coon.
It would explicitly ban placing pets in overhead bins and ensure reasonable access to food and water, among other measures. Jones said her flight to CAK was delayed about an hour as crews worked on a plan to reunite her with her with Dudley.
In the 2009 Lok Sabha election, Hukum Singh was defeated by Tabassum Begum, wife of Munawwar Hasan, after his untimely death. In this scenario, how can I tell you whether we will be voting for the BJP or any other party in the Rajya Sabha elections.
Russia's Vladimir Putin retains grip on power, exit poll shows
Putin's electoral power has centered on stability, a quality cherished by Russians after the chaotic breakup of the Soviet Union. The constitution limits the president to two successive terms, obliging him to step down at the end of his new mandate.
Iran likely to top agenda at Prince Salman-Trump meeting
On Sunday, " 60 Minutes ", the CBS News program, aired an episode about the prince and where he hopes to take Saudi Arabia . In the programme, bin Salman also compared Iran's Ayatollah Khameini to Adolf Hitler, a remark he has made in the past.
Tinder's parent company sues Bumble over patents
Match , the company that owns dating app Tinder , is suing its dating app rival Bumble for patent infringement. It must be noted that Match Group has been trying to take over Bumble since 2017.
Yi Gang becomes new People's Bank of China gov.
President Xi has made moves to bring like-minded party members into positions of power in order to create new economic policy. He is credited with a long list of financial reforms and introducing new tools to manage monetary policy.
So, the Mohini is back with her 'Ek, Do, Teen' counts!
Shreya Ghoshal has sung the song, even though people have asked why Alka Yaglik couldn't have lend her voice to the classic again. If you are 80s or 90s kid, Madhuri Dixit's iconic song Ek Do Teen would have been your early Bollywood memories.
Putin on track for victory in Russian election
First-time voters in Moscow were given free tickets for pop concerts and health authorities were offering free cancer screenings. Britain and Russian Federation last week announced expulsions of diplomats over the spy case and the US issued new sanctions.
After Majithia, Arvind Kejriwal Apologises to Nitin Gadkari
Kejriwal had included Gadkari's name in a list called "India's most corrupt" politicians ahead of the 2014 General Elections. These cases have been foisted by our political rivals to de-motivate us and keep our leadership busy in these legal matters.