Citrix Systems profit misses estimates

(Reuters) - Cloud computing software maker Citrix Systems Inc reported a lower-than-expected first-quarter profit, hurt by higher expenses and weak IT spending by its customers.

Net income fell to $59.7 million, or 32 cents per share, from $68.3 million, or 36 cents per share, a year earlier. Excluding items, it earned 62 cents per share. Revenue rose 14 percent to $672.3 million.

Analysts on average had expected earnings of 63 cents per share on revenue of $676.9 million, according to Thomson Reuters I/B/E/S.

Citrix's cloud computing software allows customers to access applications remotely from a central server, and reduces costs by eliminating the need to upgrade and install software on each individual computer on site.

(Reporting by Sayantani Ghosh and Supantha Mukherjee in Bangalore; Editing by Don Sebastian)

Source: http://news.yahoo.com/citrix-systems-profit-misses-estimates-201717718--sector.html

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