Share price plunges as Veritas warns of earnings miss
Storage software maker, Veritas, has warned of lower-than-expected revenue in its just-ended second quarter, a shortfall it blamed on sluggish software license sales in the US. Veritas’ shares plunged on the news, dropping 35 per cent in one morning, to $US17.33 on the Nasdaq exchange. Veritas now expects total revenue for the quarter of $US475 to $US485 million, down from the $US490 million to $US505 million it forecast in late April and reiterated in mid-June. Veritas Chief Executive Officer, Gary Bloom, said that the later part of each quarter’s third month was traditionally a strong period for Veritas’ software sales; this time, expected deals in the US did not come through. Demand in Europe and Asia-Pacific met expectations, as did Veritas’ services business, which brought in $US212 million during the quarter, Bloom said.
Imag warms to Goldfire
Imag Australia has been appointed trans-Tasman reseller for the Invention Machine Corporation. The agreement will see Imag provide sales support, marketing and training for the vendor’s software, including its Goldfire Innovator product, which was launched earlier this year. The deal represents an extension of an existing reseller relationship between the two companies. Goldfire Innovator is designed to help companies develop and coordinate production processes. It allows users to search global patent databases, internal and corporate knowledge bases, and external engineering content. Imag Australia specialises in distributing products for the engineering, design and manufacturing industries. It is an offshoot of California-based Imag Industries, which specialises in design technology and information knowledge management services. Imag Australia marketing manager, Shireen Brooks, said the company would be the sole reseller of Goldfire in Australia and New Zealand.