Cyberark Software Ltd (NASDAQ: CYBR) is a provider of information technology (IT) security solutions that protects organizations from cyber-attacks. Shares of the company fell more than 16% Friday after the company announced preliminary results for the second quarter ended June 30, 2017.

Based on preliminary information, CyberArk currently expects to report second quarter 2017 preliminary results of:

1. Total revenue in the range of $57.0 million and $57.5 million compared to the company’s previous guidance of total revenue in the range of $61.0 million to $62.0 million.
   
   
2. License revenue in the range of $30.0 million and $30.5 million.
   
   
3. GAAP operating income in the range of $700,000 and $1.1 million.
   
   
4. Non-GAAP operating income in the range of $8.5 million and $8.9 million, compared to the company’s prior guidance of between $10.9 million and $11.7 million.
   
   

The full earnings report is expected to be published on August 8^th, 2017.

“We are disappointed that our results for the second quarter will be below the guidance we provided in May,” said Udi Mokady, CyberArk Chairman and CEO. “The primary reason for our revenue shortfall was our performance in EMEA, where certain deals that we anticipated would close did not close by the end of the quarter. We are actively working to determine and implement the appropriate steps to improve execution, drive stronger results and enhance visibility into our EMEA performance.”