Citrix saw 15 per cent wiped off the value of its shares yesterday following an admission from its chief financial officer that its current margins are "not sustainable".
Trading in the stock was halted when its value dropped by $11.125 to $65, and remained suspended for the rest of Wednesday. CFO James Felcyn had told the Soundview Financial Group's technology conference in Florida that Citrix will take a $4 million charge in its fourth quarter relating to its acquisition of Datapac Australasia in September. He also said that the company's 49 per cent third quarter operating margins could not be maintained.
However, Citrix issued an official statement after the market closed, claiming Felcyn's comments did not reflect any change in management strategy or approach, nor any unexpected developments.
Felcyn himself pointed out that he and other executives have made similar public statements before.
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