Qlik forecasts revenue above Street as software demand grows

Reuters News
Posted: Jul 24, 2014 5:13 PM

By Lehar Maan and Abhirup Roy

(Reuters) - Qlik Technologies Inc forecast current-quarter revenue largely above Wall Street expectations, citing strong demand for its business analytics software.

Qlik's shares rose more than 8 percent after markets closed.

The company's flagship product, QlikView, helps companies to organize vast amounts of data in the form of reports, charts and infographics. Customers include American Apparel Inc, Coca-Cola Co and healthcare company Omnicare Inc.

Chief Executive Lars Björk said "continued strong demand for QlikView", combined with Thursday's launch of the company's Qlik Sense software, would drive sales in a growing market for self-service visualization and data discovery.

Qlik forecast revenue of $122 million to $126 million for the third quarter. The midpoint of this range is above the average analyst expectation of $123.3 million, according to Thomson Reuters I/B/E/S.

The company made the forecast as it announced better-than-expected revenue and a surprise profit for the second quarter ended June 30, helped by demand for its data analytic tools and more license and maintenance deals.

The company on Thursday launched Qlik Sense Desktop, the first application released under its QlikView.Next project. The server edition will be available in September.

Qlik Sense is a Windows application that allows users to drag and drop information from multiple sources and create personalized, interactive data visualizations and reports.

RBC Capital Markets analyst Matthew Hedberg said the second-quarter results were better than the market had been expecting.

"It ... takes the pressure off the back half of the year for the .Next launch," he said.

Qlik said it expected third-quarter earnings to fall within a range of a 2-cent-per-share loss to a profit of 1 cent per share.

Net loss for the second quarter widened to $10.2 million, or 11 cents per share, from $8.0 million, or 9 cents per share, a year earlier.

Excluding items, however, Qlik earned a profit of 2 cents per share. Revenue rose to $131.6 million from $108.0 million.

Analysts had expected a loss of 3 cents per share on revenue of $125.3 million.

Qlik's shares closed at $23.39 on the Nasdaq.

(Editing by Robin Paxton)