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What happened
Shares of data analytics and visualization specialist Tableau Software (DATA +0.00%) have gotten crushed today, down by 12% as of 11 a.m. EDT, after the company reported third-quarter earnings that fell short of expectations.
So what
Revenue in the quarter rose 21% to $206.1 million, which includes license revenue of $116.7 million. The company added 3,600 new customers during the quarter and closed more than 360 six-figure transactions. Adjusted net income was $13.3 million, or $0.16 per share. The results were mixed compared to analyst estimates, which called for $213.8 million in sales and an adjusted profit of $0.07 per share.
Now what
Tableau's board of directors has also authorized a share repurchase program of up to $200 million. The company also appointed a new CEO, Adam Selipsky, during the quarter. Chairman and co-founder Christian Chabot acknowledged that extended sales cycles on large deals in the U.S. hurt results. Tableau is one of many big data companies that have suffered in 2016, with shares down over 50% year to date.
