Still struggling to recover from a fourth-quarter 2015 earnings disappointment that sent its shares down more than 50 percent in a single day, Tableau Software Inc. again missed the mark today.

The data analytics and visualization software company reported that third quarter revenues rose 21 percent over the same quarter last year to a record $206.1 million. That was well short of the average Wall Street forecast of $213.8 million. Operating losses in the quarter also more than doubled from a year earlier.

In after-hours trading, investors sent Tableau shares down more than 10 percent. Closely watched license revenues were $116.7 million, well short of consensus estimates of $124.8 million.

Tableau reported income before certain costs such as stock compensation of $13.3 million, or 16 cents per share, well over consensus estimates of 7 cents. The company said it added more than 3,600 new customer accounts and now has more than 50,000 accounts worldwide. It blamed the sales shortfall on “extended sales cycles on large deals in the US and softness in EMEA.” However, other enterprise software companies that have recently reported earnings have cited no such slowdown in Europe.

This is the first earnings report since Amazon Web Services veteran Adam Selipsky (above) replaced cofounder Christian Chabot as chief executive. Chabot remains chairman. While Selipsky was bullish on the long-term outlook, his comments during the earnings conference call betrayed some dissatisfaction. “Tableau needs to do everything we can to serve bigger enterprises,” he said. Our marketing and messages have to be better aligned to what the problems are in those enterprises. We have to tighten up the messaging to make sure we’re proving the value that we provide.”

A onetime Wall Street darling, Tableau has been under competitive pressure recently as the market has gotten more crowded. Its minimum enterprise server license fee of $10,000 and single-user price of $999 is being challenged by upstarts offering visual analytics for as little as $10 per month. Tableau has also been criticized to moving too slowly to a subscription model.

“We are going to continue to look hard at licensing to make sure it works for all parties,” Selipsky said. “If customers are aggressive in their desire to move to subscription models, then we will be aggressive in enabling that.”

The company is hyper-focused on shoring up its enterprise base, Chabot said. “We have made a major theme of this whole calendar year to be better at execution around big deals and better at penetration of enterprise accounts,” he said. “But we’re at a stage when punching through those revenue thresholds gets more challenging.”

Chabot said the underlying business remains sound. “On the deals that didn’t go as well as we hoped, none have swung to a competitor,” he said.

Tableau announced a $200 million stock repurchase, which is often viewed as a sign of confidence in the company’s underlying valuation. However, in a flash report published shortly after the earnings announcement Barclays PLC predicted that the repurchase “will be viewed negatively by investors as it implies that the company has fewer opportunities to reinvest for growth than originally anticipated.”

Photo by Michael Clinard for Tableau