Cyber security company Sophos suffered a bruising from investors after it reported a decline in billings and new customer sign ups.
The Oxford-headquartered software company, which makes network security and antivirus software, reported an 8pc decline in earnings to $104m (£80m) for the nine months to the end of December, compared to $113m the same period the previous year.
The FTSE-250 company said a strong prior year had made for a “challenging” comparable. Sophos shares fell more than 20pc in early trading.
“There are a lot of problems in this announcement, not least the fact that management guidance once again has proven overly optimistic,” said Hargreaves Lansdown analyst Nicholas Hyett….