The first four digits of the company’s ticker symbol have been erased from the stock’s symbol, marking the end of a two-year period in which the company failed to meet earnings targets.
The company also said it would start paying dividends, but only to the extent that it would generate a return on the company equity.
The stock fell nearly 7 per cent to $1.0963 by 10:20am.
I want to make sure that we make this right and we’ve made it right.
As the company reported the results of the first quarter, it said the revenue growth it expected to report was “substantially” different from the first three quarters.
In a separate statement, the company said it had made “significant progress” in reducing its costs and reducing the costs of its technology.
“As a result of our successful launch of the cloud platform and other strategic investments, our financial position is stronger than at any time since its inception,” the statement said.
On Thursday, the stock rose more than 1 per cent in after-hours trading, trading at $1,051.20.
On Friday, the benchmark S&P 500 index was up 0.3 per cent.
This article was originally published on The Conversation.
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