ETWO - Why E2open Parent Holdings Stock Plummeted Today
2023-10-11 14:43:00 ET
Shares of E2open Parent Holdings (NYSE: ETWO) were down 47% as of 1:45 p.m. ET Wednesday after the supply chain software company announced weaker-than-expected quarterly results, replaced its CEO, and lowered its full fiscal-year outlook.
For its fiscal second quarter ended Aug. 31, 2023, E2open's revenue declined 1.9% at constant-currency to $158.5 million, translating to adjusted ( non-GAAP ) net income of $16.9 million, or $0.04 per share. Analysts, on average, were expecting roughly the same net income on revenue closer to $160 million.
Within E2open's top line, subscription revenue grew 2.4% year over year to $134.7 million, near the high end of previous guidance and representing 85% total revenue.
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Why E2open Parent Holdings Stock Plummeted Today