LZ - Why LegalZoom Stock Plummeted by Nearly 24% Today
2024-05-08 18:13:18 ET
Although the broader stock market traded flat on Wednesday, numerous titles were outliers in terms of their price movements. Unfortunately for its investors, LegalZoom (NASDAQ: LZ) was one of them, and not positively. The company's share price tumbled by nearly 24% after it divulged first-quarter results.
Those figures were made public after market hours Tuesday, and they revealed that LegalZoom booked slightly more than $174 million in revenue; this was 5% higher on a year-over-year basis. Much of this comprised subscription revenue for the company's suite of legal services. That line item was a shade under $108 million, for growth of 10%.
Non-GAAP (generally accepted accounting principles) adjusted net income also climbed, advancing by a robust 31% to $18.3 million, or $0.09 per diluted share.
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Why LegalZoom Stock Plummeted by Nearly 24% Today