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Qualys (NASDAQ:QLYS) shares plunged 17% on Thursday even because the infrastructure software program firm reported better-than-expected Q3 outcomes and raised its full 12 months forecasts.
The agency generated adjusted EPS of $0.94 on income of $125.6M that grew +19.7% Y/Y. Adjusted EBITDA grew 9% to $54.9M in comparison with $50.3M for a similar quarter in 2021.
Traders appear spooked by the softer billing numbers this quarter. Qualys stated present billings progress decelerated to 13% in Q3, with CFO Joo Mi Kim suggesting it was impacted by “multi-year pay as you go offers that ran off in addition to there was some FX impression that isn’t translating that full impression to income.”
Talking extra concerning the slowdown in billings, the CFO stated Qualys is seeing the impression of macroeconomic headwinds and uncertainty. The impression from destructive international forex motion was larger this quarter than final quarter. Billing have been damage by multiyear prepays as nicely, even excluding FX impression.
A number of analysts have since lowered worth targets on the inventory, calling the deceleration a sign for warning. RBC Capital Markets famous that investor focus will doubtless stay on slower billings progress and its implications for FY23 progress.
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