Goldman Sachs Comments on TIBCO Software's Q1 FY11 Results (TIBX)

Goldman Sachs is out with its report today on TIBCO Software (NASDAQ: TIBX), commenting on Q1 FY11 results.

In a note to clients, Goldman Sachs writes, "TIBCO Software announced 1QFY11 revenues of $185 million (+20% year over year), about in line with our $186 mn estimate and a little better than Street at $183 million. License revenues showed upside, coming in at $70 mn (+29% yoy), above our/Street $65/$64 mn, though services revenue was below expectations at $115 mn (GS/Street: $121/$119 mn). Operating margin of 21.9% was about a point higher than our/Street estimates, resulting in non-GAAP EPS of $0.16, in line with our estimate and a penny above Street. A solid result, though without the kind of upside investors have come to expect from this company after a long string of significant beats."

Goldman Sachs maintains Neutral on TIBX.

At the time of posting, shares of TIBX were trading pre-market at $26.01, down 0.99% from Tuesday's close.