Dallas, Texas 11/07/2013 (Financialstrend) – A California based technology firm, Cyan Inc. (NYSE:CYNI) offers various networking solutions transforming the legacy networks to open high performance networks across North America, Asia and Europe. The stock created new 52 week bottom during Wednesday’s trade when it traded at price of $3.99. This price suggests almost 74% decline from its 52 week high of $15.05. On Wednesday the stock traded with volume of 384K shares against its 30 day average volume of 248K shares. The stock shed 1.47% to end the trade at $4.03.
Recently the company posted record 3Q13 results with 31% revenue growth to a record $37.7 million compared to 3Q12 and about 19% increase from revenues of $31.7 million reported during preceding 2Q13. The company posted net loss of $8.6 million during 3Q13 that translates to $0.19 per share and compares to a net loss of $3.2 million or $1.26 per share during 3Q12. However excluding the stock based compensation expense the net loss for 3Q13 was $6.4 million on a non-GAAP basis, translating to $0.14 per share. This compares to a net loss of $1.6 million during 3Q12 and that of $6.6 million during 2Q13.
Cyan Inc. (NYSE:CYNI) expects revenue to be in range of $30-$33 million during 4Q13 and GAAP net loss to be in a range of $11.1-$13.6 million that translates to net loss of $0.24-$0.29 per share. For the first time the company provided initial full year guidance for FY14 with revenue growth of around 33% from FY13. However the detailed guidance, including forecasts for GAAP and non-GAAP net loss, would be released with future earnings announcements.
Following the results, in a research note released on October 30th, Jefferies Group lowered their rating on the stock from ‘buy’ to ‘hold’ with price objective of $6, significantly lower from their previous target of $15.5.
