Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Fusion-IO Shares Tumble on Outlook (FIO)

Friday, February 1, 2013 4:24 AM
Shares of Fusion-IO Inc. (NYSE: FIO) tumbled in trading on Thursday after the company lowered its revenue forecast. The company also reported its second-quarter financial results. Key Points
  • Fusion-IO lowers revenue forecast due to delays in orders from Apple Inc. and Facebook Inc.
  • The downward revision prompts many analysts to downgrade the stock
  • FIO shares hit 52-week low on Thursday
For the full fiscal year 2013, Fusion-IO expects revenue to be between $420 million and $440 million, down from previous forecast of $521 million to $539 million. For the third quarter, the company expects revenue of $80 million, which is significantly below the consensus forecast of $137.1 million. In a conference call with analysts, CEO David A. Flynn said that the change in guidance is the result of a shift in timing of bulk purchases from the company’s two key accounts specifically for the next two quarters. Following the downward revision, Andrew Nowinski, analyst at Piper Jaffray downgraded FIO shares from Overweight to Neutral. Nowinski also lowered the price target on FIO shares from $33 to $18. J.P. Morgan and Credit Suisse also lowered their rating on the FIO stock following the revenue forecast. Fusion-IO also reported its second-quarter financial results. For the quarter ended December 31, 2012, the company reported record revenue of $120.6 million, up 43% over the same period in the previous year. The company’s net income for the quarter was $1.7 million, or $0.02 per share, compared to a net loss of $5.7 million, or $0.07 per share reported for the same period in the previous year. Non-GAAP net income for the quarter was $13.7 million, or $0.13 per share. FIO shares fell to a 52-week low of $16.50 on Thursday before ending the day 12.99% lower at $17.48 on above average volume of 18.02 million. About Fusion-IO Inc. Salt Lake City, Utah-based Fusion-IO provides datacenter solutions.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Dubai housing costs soar to Manhattan peaks, forcing moves to outskirtsDubai housing costs soar to Manhattan peaks, forcing moves to outskirts
DUBAI (Reuters) - An economic rebound has catapulted house prices and rents in Dubai to Manhattan-like peaks, the Gulf emirate`s top property website says, forcing increasing numbers of residents to...
ECB's Draghi says ready to use more unconventional toolsECB's Draghi says ready to use more unconventional tools
FRANKFURT (Reuters) - The European Central Bank stands ready to use additional unconventional tools and tweak its existing efforts to spur inflation and growth in the euro zone if needed, ECB Presid...
Dudley says Fed eyeing surge in dollarDudley says Fed eyeing surge in dollar
(Reuters) - The Federal Reserve will take into account the strengthening of the U.S. dollar as it considers when to back away from its aggressive easing of monetary policy, a Fed official said on Mond...
Argentina's Fernandez to meet billionaire investor Soros in New YorkArgentina's Fernandez to meet billionaire investor Soros in New York
BUENOS AIRES (Reuters) - Argentine President Cristina Fernandez on Monday will meet bondholder and billionaire financier George Soros, who is suing a U.S. bank caught in the middle of the country`s la...
Plosser, hawkish chief of Philadelphia Fed, to retire in MarchPlosser, hawkish chief of Philadelphia Fed, to retire in March
(Reuters) - Philadelphia Federal Reserve Bank President Charles Plosser, for years one of the U.S. central bank`s most hawkish policymakers, will retire on March 1, 2015, the regional Fed bank said. ...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.