YEXT - Why Yext Stock Is Falling Today
2024-06-11 12:03:45 ET
Yext (NYSE: YEXT) stock is falling Tuesday following recently published quarterly earnings and acquisition news. The company's share price was down 4.4% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence .
After the market closed yesterday, Yext published results for the first quarter of its current fiscal year -- a period that ended April 30. In addition to posting sales and earnings that fell short of the market's expectations, the software specialist also announced that it would acquire Hearsay Systems in a deal that could be valued at as much as $220 million.
Yext reported non-GAAP (adjusted) earnings per share of $0.05 on sales of approximately $96 million for the first quarter of its current fiscal year. Meanwhile, the average analyst estimated had called for the business to deliver adjusted per-share earnings of $0.06 on revenue of roughly $96.3 million. Sales in fiscal Q1 were down 3.5% compared to the prior-year period, annual recurring revenue fell 4% year over year to $382.6 million, and adjusted earnings were down 37.5% from the $0.08 per share the business posted last year.
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Why Yext Stock Is Falling Today