Shares of Aliso Viejo-based Quest Software Inc. opened sharply lower Wednesday, a day after the business software maker missed Wall Street estimates for first-quarter profits and sales.
Quest’s stock closed down more than 10% Wednesday.
The company has a market value of about $2.3 billion.
On Tuesday, Quest reported an adjusted first-quarter profit of $18.95 million, down 22% from a year earlier.
The profit fell short of the $27.5 million analysts were expecting on average.
Revenue for the quarter rose 10% from a year earlier to $188.2 million but missed Wall Street’s target of $197.9 million.
Recent acquisitions helped boost sales, but Quest otherwise saw flat license revenue for software in the quarter.
Quest makes software that helps corporations become more efficient by improving on existing applications by Oracle Corp., Microsoft Corp. and others.
The company didn’t provide an outlook for the current quarter with its first-quarter results.