CyberArk Software Ltd. (NASDAQ: CYBR) saw its shares take a dive early on Friday after the company announced preliminary earnings results for its second quarter. Because these did not live up to investor expectations, they sent shares into the fire.

The cybersecurity company said that it expects to have total revenues in the range of $57.0 million to $57.5 million, compared to the previous guidance of $61.0 million to $62.0 million. Also, licensing revenues are expected in the range of $30.0 million to $30.5 million.

The operating income forecast is $8.5 million and $8.9 million, compared to the company’s prior guidance of between $10.9 million and $11.7 million. For a reference point, the same period of last year had operating income of $8.45 million.

Thomson Reuters has consensus estimates of $0.24 in earnings per share (EPS) and $61.94 million in revenue. In the same period of last year, CyberArk posted EPS of $0.29 and $50.38 billion in revenue.

Udi Mokady, CyberArk board chair and chief executive, commented on these results:

We are disappointed that our results for the second quarter will be below the guidance we provided in May. The primary reason for our revenue shortfall was our performance in EMEA, where certain deals that we anticipated would close did not close by the end of the quarter. We are actively working to determine and implement the appropriate steps to improve execution, drive stronger results and enhance visibility into our EMEA performance.

These results will be posted on August 8, 2017.

Shares of CyberArk traded down more than 15% at $42.97 early Friday, with a consensus analyst price target of $58.45 and a 52-week range of $41.32 to $59.28.

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