Why MobileIron, Inc. Stock Dropped Today

Shares of MobileIron Inc. (NASDAQ: MOBL) were down 11.2% as of 1:30 p.m. EDT Wednesday, after the mobile-device-management software company announced disappointing preliminary third-quarter results and the unexpected resignation of its CEO.

More specifically on the latter, MobileIron stated that its board has appointed CFO Simon Biddiscombe as its new president, CEO, and a member of the board. According to MobileIron's press release today, the change is effective immediately and "follows the mutual decision between the MobileIron board and CEO Barry Mainz that Mr. Mainz will leave the company."

MobileIron also stated that gross billings for the third quarter should be between $49.5 million and $50.5 million, up between 5% and 7% year over year and well within its latest guidance for billings of between $48 million and $52 million. However, the company expects revenue to arrive at between $42 million and $43 million, up 1% to 4% year over year, and well below guidance for between $44 million and $46 million.

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Source: Fool.com