Boston, MA, 03/10/2014 – Insider Purchases: Cyan Inc (NYSE:CYNI) global sales SVP James A Hamilton disclosed his purchases of 100,000 shares at $3.35/ share and filed an announcement with its regulatory SEC. This huge purchase by its SVP rises higher expectations on the performance of the company in the near future as the insider is more aware about the company’s growth and potential.
Expectations dip on Revenue Guidance: Cyan Inc (NYSE:CYNI) announced its revenue guidance for the Q114, which fall short of its own as well as analysts expectations, for the current quarter. The company issued revenue guidance of $16-$18 million compared to its consensus expectations of $22. Following the results and revenue guidance many analysts have recommended under rating or sell for the scrip,.
Poor Results: Cyan Inc (NYSE:CYNI) recently declared its fourth quarterly results, reporting a net loss of $40.7 million indicating -$1.32 earnings per share. It also reported a decline in the revenue growth to $20.9 million, from $29.8 million in the previous year, which failed in its own expectations. The company in its earlier guidance had remarked its revenue to lie in between $30-$33 million during this quarter. The impact of cautious customer order and significant decline of revenue from one of its major customer reduced the revenue growth of the company. This largest customer had cut short its spending by 88%.
Cyan Inc (NYSE:CYNI) during May 2013, had issued 8.9 million shares through IPO and 34.7 million shares of preferred stock being converted to common stock.
Recent Activity: Cyan Inc (NYSE:CYNI) during the last fiscal year developed packet optical technology and SDN software, which was deployed as a part of customer network transformation efforts around the world, though these are said to remain on the early stages of transformation. The company continues to adopt its Z series Packet Optical and Blue Planet SDN and NFV platforms to its multi vendor network, who is a leading carrier in Europe.