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

Exclusive: Morgan Stanley plans natural gas export plant in new commodities forayExclusive: Morgan Stanley plans natural gas export plant in new commodities foray
NEW YORK (Reuters) - Morgan Stanley has quietly filed plans to build and run one of the first U.S. compressed natural gas export facilities, the first sign the bank is plunging back into physical co...
ECB's Nowotny says worried about euro zone economyECB's Nowotny says worried about euro zone economy
ALPBACH Austria (Reuters) - European Central Bank policymaker Ewald Nowotny is worried about the euro zone economy, which he said was showing signs of clouding over. Asked about inflation and unempl...
Japan finance minister Aso: sales tax hike impact gradually easing on economyJapan finance minister Aso: sales tax hike impact gradually easing on economy
TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Friday that the impact of April`s sales tax hike on the economy is gradually easing but it needs close monitoring from now on. Aso was sp...
Indian economy warms in after-glow of Modi's triumphIndian economy warms in after-glow of Modi's triumph
NEW DELHI (Reuters) - The after-glow of Narendra Modi`s election victory nearly four months ago is expected to have helped India`s lumbering economy register its fastest growth in more than two year...
China's Wanda, Tencent, Baidu to set up $814 million e-commerce companyChina's Wanda, Tencent, Baidu to set up $814 million e-commerce company
BEIJING (Reuters) - China`s Dalian Wanda group and Tencent Holdings Ltd <0700.HK> said on Friday they would set up a 5 billion yuan ($814 million) e-commerce joint venture with Baidu Inc <B...

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.