<strong>JULIAN YATES </strong>INVESTEC<br />The results were slightly behind our expectations, but ahead of consensus. Deferred revenue is at record levels but was helped by the Interwoven acquisition and was actually below the level we expected. Overall, there is little in these results to encourage us to change our “hold” stance on the shares.<br /><br /><strong>ROGER PHILLIPS </strong>EVOLUTION SECURITIES<br />The update was disappointing in a quarter where Autonomy usually upgrades. Its $170m (£103m) of deferred revenue is disappointing. Operating cashflow conversion at 70 per cent shows little improvement year-on-year breaking a three quarter trend of slight improvement.<br /><br /><strong>DEREK J BROWN </strong>SEYMOUR PIERCE<br />I think it is a strong set of results, in line with our expectations. Some analysts have rightly raised questions on some of the metrics, but the company has addressed them and we are satisfied that it has made good growth across all metrics. I think the drop in share price represents a buying opportunity.