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

BNP CEO: French banks should pay only two thirds of bailout contributionBNP CEO: French banks should pay only two thirds of bailout contribution
PARIS (Reuters) - French banks should pay only 10 billion euros ($12.5 billion) of the 16 billion they are being asked to contribute to a proposed EU bailout fund, BNP Paribas chief executive Jean-Lau...
German pilots won't strike during negotiations with Lufthansa: FocusGerman pilots won't strike during negotiations with Lufthansa: Focus
FRANKFURT (Reuters) - German pilots` union Vereinigung Cockpit (VC) will abstain from industrial action during negotiations with airline Lufthansa over pay and early retirement benefits, Germany`s Foc...
China's October official PMI edges down to 50.8China's October official PMI edges down to 50.8
BEIJING (Reuters) - China`s factory sector grew in October but at a pace that was slightly slower than expected, underlining the challenges facing the sector as manufacturers fight rising costs and so...
China's Oct factory growth unexpectedly hits five-month low: official PMIChina's Oct factory growth unexpectedly hits five-month low: official PMI
BEIJING (Reuters) - China`s factory activity unexpectedly fell to a five-month low in October as firms fought slowing orders and rising costs in the cooling economy, reinforcing views that the country...
J.P. Morgan found hackers through breach of corporate event website: WSJJ.P. Morgan found hackers through breach of corporate event website: WSJ
(Reuters) - J.P. Morgan Chase & Co learned about hackers who stole the bank`s contact information for 76 million households and 7 million small businesses through a corporate event that it sponsor...

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.