ZI - Why ZoomInfo Technologies Stock Plunged by 21% This Week
2024-05-10 18:47:00 ET
Stock investors tend to be a picky lot, and one item they're picky about is a company's financial guidance. It's all well and good to post quarterly results that beat estimates. However, since most market participants are -- sensibly -- more concerned about the future than the past, if a business's forecasts come in under expectations, it can be punished by Mr. Market.
That was the case this week with customer acquisition and management-software specialist ZoomInfo (NASDAQ: ZI) . Guidance perceived as week led to a sell-off of the stock, which according to data compiled by S&P Global Market Intelligence tanked by almost 21% across the five trading days.
On a positive note, ZoomInfo's trailing first-quarter results revealed that the specialty-tech company managed to grow its revenue (albeit slightly) by 3% to $310 million. Also inching up was non- GAAP (adjusted) net income; this was $100.5 million ($0.26) for the period against the year-ago profit of $99.5 million.
For further details see:
Why ZoomInfo Technologies Stock Plunged by 21% This Week