2023-07-31 16:16:51 ET
ZoomInfo Technologies ( NASDAQ: ZI ) shares plunged 14% in extended-hours trading on Monday after the software and data company cut its full-year earnings and revenue outlook.
The Vancouver, Washington-based ZoomInfo ( ZI ) now expects full-year adjusted earnings to be between 99 cents and $1 per share, down from a prior range of 99 cents to $1.01 per share.
For the full-year, it expects sales to be between $1.225B and $1.2235B, down from a prior outlook of $1.275 to $1.285B.
For the third-quarter, ZoomInfo ( ZI ) expects sales to fall within a range of $309M to $312M.
Amid the weaker-than-expected forecast, ZoomInfo ( ZI ) earned an adjusted 26 cents per share for the second-quarter, while revenue came in at $308.6M. Analysts were expecting the company to earn 23 cents per share on $310.8M in revenue.
In addition, ZoomInfo ( ZI ) announced a $500M share buyback program.
ZoomInfo ( ZI ) is slated to host a conference call at 4:30 p.m. EST to discuss the results.
More on ZoomInfo Technologies
- ZoomInfo: A Premium Price For Decelerating Growth Rates
- ZoomInfo: Sequential Growth Through FY23 Should Be A Catalyst For Stock Price
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ZoomInfo Technologies plunges 14% as it cuts full-year earnings, revenue outlook