Jive reports bigger 4Q loss, higher revenue
Jive Software Inc., which makes Facebook-style social networks for businesses, reported a wider fourth-quarter net loss on Tuesday, weighed by higher expenses even as its revenue grew sharply.
The company, which went public in December, posted a net loss of $12.7 million, or 39 cents per share, in the three months that ended Dec. 31. That compares with a loss of $6.8 million, or 30 cents per share, in the same period a year earlier.
Excluding items, Jive reported a loss of 28 cents per share in the latest quarter, surpassing Wall Street's expectations.
Revenue rose 53 percent to $22.5 million from $14.7 million.
Analysts, on average, were expecting earnings of 37 cents per share on revenue of $21 million, according to FactSet.
Operating expenses rose 64 percent to $24.5 million from $14.9 million as sales, marketing and general and administrative expenses grew, along with research and development.
Jive's chairman and CEO, Tony Zingale, called the quarter a "strong finish to a remarkable year."
"Jive is increasingly being adopted by large global organizations that are investing in social business to change the way work gets done," he said in a statement.
Jive said its Dec. 13 initial public offering generated net proceeds of $131.4 million. The company used $19.9 million of this to pay down debt.
For the current quarter, Jive expects an adjusted loss of 13 cents to 14 cents per share and revenue of $23.5 million to $24.5 million.
Analysts are predicting a loss of 14 cents per share on revenue of $22.9 million.
The company's shares climbed 21 cents to $17.15 in after-hours trading after closing at $16.94. The stock has traded in the range of $14.18 and $17.75 since its IPO, after pricing at $12.