United Kingdom tech giant Micro Focus halves in value as shares crash

United Kingdom tech giant Micro Focus halves in value as shares crash

In 2017, Micro Focus bought the software assets of HPE for $8.8 billion and those included Autonomy.

The vendor also announced the resignation of its CEO Chris Hsu, who will leave immediately to "spend more time with his family and pursue another opportunity". Stephen Murdoch, who serves now as the COO at Micro Focus will become the CEO.

Micro Focus said it expects revenue to decline between six and nine per cent this year, in constant currency, compared with 2017.

Shares of the software company, which bought Hewlett Packard Enterprise assets, have plunged more than 50% Monday after the company reduced its forecast for revenue and announced its CEO had resigned.

These were: issues implementing a new IT system, a greater-than-expected reduction in sales staff, disruption in global HPE customer accounts, and difficulties with sales in North America.

The impact of this on adjusted EBITDA margin percentage for the period is expected to be mitigated by the progress made in the cost reduction programme which is now tracking ahead of schedule. Analysts were expecting a 38% adjusted EBITDA margin.

However, it said its cost savings drive was ahead of schedule and net debt was expected to be in line with expectations.

Putin Re-Elected as Russian President
But employees at state and private companies, as well as students, said they had come under other pressure to vote. His most vocal opponent, anti-corruption campaigner Alexei Navalny , was barred from running.

"We remain confident in Micro Focus' strategy whilst recognising that operational issues have led to a disappointing short term performance and outlook", Loosemore said.

Micro Focus was founded in 1976 and floated on the London Stock Exchange in 1998.

'As a result our new forecasts are set at the bottom of the guidance range'.

"This implies that licences could be down 20-30% in the April period".

Since Micro Focus posted its interim results on January 8, revenue has dropped more than anticipated, the company said Monday.

"Large acquisitions are inherently risky as they come with integration challenges", he said. Providing customers with a world-class portfolio of enterprise-grade scalable solutions with analytics built-in, Micro Focus delivers customer-centered innovation across DevOps, Hybrid IT Management, Security & Data Management, and Predictive Analytics.

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