Tufin Software Technologies Ltd. (TUFN) Slashes its Revenue Guidance
On January 9, 2020, Tufin revealed in its preliminary fourth quarter and fiscal year 2019 results that the Company was slashing its total revenue guidance from a range of $34 million to $38 million to a range of $29.5 million to $30.1 million. Additionally, the Company disclosed in its report that it now expected a non-GAAP operating loss in the range of $1.1 million to $2.6 million, compared to the Company’s previous guidance of non-GAAP operating profit in the range of $0 million to $3 million. Tufin’s CEO stated “the primary reason for revenue shortfall was inability to close a number of transactions… that anticipated would close.” On this news, Tufin’s stock price fell $4.14, or 24%, to close at $13.08. The stock has yet to recover.