A substantial shift in the Hadoop supply landscape and sales execution issues in ALM held up progress in H115. However, with the launch of Fusion we believe the company is strongly positioned within an evolved big data market place. Limited visibility prompts a substantial cut to our booking and revenues estimates, as well as costs, but while the timing is difficult to gauge, we still expect a sustainable acceleration in operationally geared growth. Visibility of this is the key catalyst for upside.
