MobileIron (MOBL) saw its loss narrow to $14.59 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $24.10 million, or $0.30 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.52 million, or $0.07 a share from a loss of $13.54 million or $0.17 a share, a year ago.
Revenue during the quarter grew 9.38 percent to $41.57 million from $38 million in the previous year period. Gross margin for the quarter expanded 114 basis points over the previous year period to 81.21 percent. Operating margin for the quarter stood at negative 34.44 percent as compared to a negative 62.93 percent for the previous year period.
Operating loss for the quarter was $14.31 million, compared with an operating loss of $23.91 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $5.24 million compared to operating loss of $13.36 million in prior year period.
"Our performance was above expectations for the quarter, driven by strong execution across the company," said Barry Mainz, CEO, MobileIron. "CIOs are selecting MobileIron as the security backbone for their business transformation. Our best-of-breed solution wins when mobility becomes strategic. In mobile security 'just good enough' is never good enough. We continue to be chosen by companies with very high security requirements and the most complex environments."
For the fourth-quarter, MobileIron forecasts revenue to be in the range of $44 million to $46 million.
Operating cash flow remains negative
MobileIron has spent $20.20 million cash to meet operating activities during the nine month period as against cash outgo of $40.78 million in the last year period.
Cash flow from investing activities was $6.98 million for the nine month period as against cash outgo of $27.25 million in the last year period.
Cash flow from financing activities was $4.06 million for the nine month period, down 51.42 percent or $4.30 million, when compared with the last year period.
Cash and cash equivalents stood at $38.08 million as on Sep. 30, 2016, down 14.64 percent or $6.53 million from $44.62 million on Sep. 30, 2015.
Working capital drops significantly
MobileIron has witnessed a decline in the working capital over the last year. It stood at $49.80 million as at Sep. 30, 2016, down 25.36 percent or $16.92 million from $66.72 million on Sep. 30, 2015. Current ratio was at 1.64 as on Sep. 30, 2016, down from 1.94 on Sep. 30, 2015.
Days sales outstanding went up to 82 days for the quarter compared with 80 days for the same period last year.
At the same time, days payable outstanding went down to 20 days for the quarter from 33 for the same period last year.
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