Why Aspen Technology Stock Was Falling Today
Shares of Aspen Technology (NASDAQ: AZPN) were sliding today after the industrial asset optimization specialist posted disappointing results in its second-quarter earnings report. As a result, the stock was down 13.9% as of 3:22 p.m. EST.
Aspen came up short on both top and bottom lines as revenue fell 11% to $124.7 million, missing expectations at $136.1 million. Licensing revenue, its biggest business segment, fell 24.8% to $70.2 million, reflecting a 27% decrease in bookings to $112.3 million as the company had fewer term license contracts up for renewal compared with the year-ago quarter.
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Source Fool.com
