Yext Shares Fall as Company Cuts Revenue Forecast
Shares of Yext have experienced a decline following the company's reduction of its annual revenue forecast and the posting of a lower fiscal third-quarter top line than what analysts had anticipated.
Decline in Stock Performance
The stock price fell by 15% to $5.96 in premarket trading. If this trend continues, shares are expected to enter negative territory for the year when the market opens.
Adjusted Earnings Guidance
Yext, a search technology company, raised its guidance for annual adjusted earnings. The new range is projected to be between 31 cents and 32 cents per share, compared to the previous outlook of 28 cents to 29 cents per share.
Decreased Annual Revenue Outlook
However, the company lowered its annual revenue guidance. The revised forecast is in the range of $403.2 million to $403.7 million, down from the previous projection of $404 million to $407 million.
Third-Quarter Performance
In the quarter ending October 31st, Yext reported a loss of $468,000, which is an improvement from the loss of $12.3 million in the same quarter last year. The company's adjusted earnings for this period were 9 cents per share, surpassing analyst expectations of 7 cents per share according to FactSet.
Quarterly Revenue Increase
Although quarterly revenue rose to $101.2 million from $99.3 million in the previous year, it fell short of analyst projections of $102.2 million, as reported by FactSet.
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