AYX - Alteryx stock plunges 15% as investors weigh mixed Q1 large cost cuts

2023-04-28 08:49:56 ET

Computer software company Alteryx ( NYSE: AYX ) saw its shares plunge 15% in pre-market trading on Friday after it reported mixed first-quarter results and said it would cut 11% of its workforce as it deals with economic uncertainty.

For the period ending March 31, Alteryx ( AYX ) lost an adjusted 19 cents per share on $199.09M in revenue. Analysts were expecting an adjusted loss of 26 cents per share and $198.06M in sales.

In addition to the quarterly results, Alteryx ( AYX ) issued guidance for the second-quarter, saying it expects sales to be between $180M and $184M, which would represent growth between 0% and 2% year-over-year, far below the 26.1% seen in the first quarter.

Analysts were expecting sales of $205.1M for the second-quarter.

For the full-year, Alteryx ( AYX ) said revenue is likely to fall within a range of $980M and $990M, while annual recurring revenue is expected to be between $1.015B and $1.025B. It forecast adjusted earnings between 65 and 75 cents per share for the full year.

As part of the layoffs, Alteryx ( AYX ) CFO Kevin Rubin said on the earnings call that the layoffs would "primarily" impact sales and marketing and general and administrative costs. With roughly 2,900 full-time employees, an 11% reduction in the workforce is equal to about 320 jobs.

The company will take charges between $11M and $13M in related to the job cuts.

More on Alteryx

• Alteryx rises as Loop Capital upgrades, citing recent positive checks
• Alteryx prices upsized debt offering of $450M
• Alteryx Q1 2023 Earnings Preview

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