CXM - Why Sprinklr Stock Plummeted Today
2023-12-07 15:33:56 ET
Shares of Sprinklr (NYSE: CXM) were down 33% as of 2 p.m. ET Thursday after the customer experience management software company announced solid fiscal third-quarter 2024 results (for the period ended Oct. 31, 2023), but followed with disappointing forward guidance for next fiscal year.
On the former, Sprinklr's fiscal Q3 2024 revenue grew 18% year over year to $186.3 million, translating to adjusted ( non-GAAP ) net income of $0.12 per share. Analysts, on average, were expecting earnings of $0.07 per share in revenue closer to $180 million.
Within Sprinklr's top line, subscription revenue grew 22% to $170.5 million, with professional services revenue comprising the remainder at $15.9 million. The company also saw solid momentum from large customers, with the number of clients generating at least $1 million in annual recurring revenue up 15% year over year to 123.
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Why Sprinklr Stock Plummeted Today