With sales closings taking longer than the commute during a Bostonian snow storm, PTC late last night announced it won't be a member of the CAD world's Billion Dollar Club this year. For it estimated that its revenues this coming year will be a mere $960 million.
(Last October, the company was still expecting to bring in $1.1 billion in revenues for the year.)
The company confirmed its earlier warning that Q1 revenue would drop slightly from a year ago: $240 million Q1 revenue, down from $241 million. Ceo Richard Harrison puts the blame on a 29% decrease in license revenue and stronger US dollar (aka "unfavorable currency impact").
In press release statements, the ceo and cfo use "long-term" a lot:
- We remain very optimistic about the long-term opportunity for PTC.
- We intend to continue to make strategic investments ... over the longer-term.
- Balancing the long-term market opportunity...
- We remain committed to accelerating our organic growth rate ... over the longer-term.
To cut costs, the company is
- Reducing the rate of hiring.
- Eliminating 260 jobs (about 5%).
- Postponing annual merit increases.
- Reducing travel expenses.