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Citrix (CTXS) up 3% after Q4 beats, deal to acquire Wrike
Citrix Systems (CTXS) stock climbed 3.25% on Tuesday after the software company posted Q4 earnings and revenue beats, and announced a $2.25bn deal to acquire project management service Wrike Inc.
Early on Tuesday, Citrix delivered $1.46 adjusted per share earnings and $809.7m revenue versus the $1.34 and $781.6m Wall Street forecasts.
It then followed up with an announcement that it had struck a deal for Wrike that is expected to close by June this year.
Citrix revealed that a mixture of new debt, including a $1.45bn loan from JPMorgan Chase, and existing investments and cash would be used to fund the acquisition.
CEO David Henshall said that the two companies would work together to “power a cloud-delivered digital workspace experience” for its users.
Citrix traded higher on the positive news developments, rising 3.03% to $136 by around midday on the Nasdaq.
Financial services company Charles Schwab (SCHW) also ticked 0.54% higher on its own better-than-anticipated Q4 results.
The San Francisco-based company came in with 74 cents adjusted earnings to trump the pre-report expectations by nine cents.
Revenue also skyrocketed 60% to a healthy $4.18bn, again beating the $4.11bn consensus.
Charles Schwab’s CEO Walt Bettinger hailed the “record operating performance” in a statement and said that client engagement had soared compared to 2019.
He added: “Our clients also continued to set numerous single-day trading records, including a peak of 7.8 million trades on Nov. 9.”
After the closure of US stock markets on Monday, earnings from big corporations will be rolling in regularly during the remainder of the week.
Netflix (NFLX) was expected to report after Tuesday’s close with analysts eager to see how subscriber growth has held up in recent months.
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