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Why are shares of Sprinklr (CXM) down 24% today?

CXM Stock – Why Are Sprinklr (CXM) Shares Down 24% Today?

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Strawr (NYSE:CXM) shares fell hard on Thursday after the enterprise cloud software company published its first-quarter 2024 earnings report.

The bad news comes from the company’s outlook in this latest earnings report. It expects second-quarter 2024 revenue to range from $194 million to $195 million. That would miss Wall Street’s revenue estimate of $196.8 million for the quarter.

Added to this is the adjusted earnings per share estimate of 6 to 7 cents for the coming quarter. That also doesn’t look good compared to the analyst estimate of 9 cents for the period.

Spinklr’s full-year revenue guidance for 2024 is between $779 million and $781 million. That would be another miss next to Wall Street’s revenue estimate of $805.09 million.

One positive in the forecast is adjusted earnings per share of 40 to 41 cents for the year. That’s higher than the analyst-adjusted 2024 earnings per share estimate of 38 cents.

CXM Stock Earnings Results

Investors will note that this poor outlook comes despite the setbacks in the first quarter of 2024. That includes the company’s adjusted earnings per share of 9 cents and revenue of $195.96 million. Both are above Wall Street estimates of 7 cents per share and $194.36 million for the quarter.

CXM stock is down 24% Thursday morning.

Investors will want to keep reading for more of today’s latest stock market stories!

We’ve got all the biggest stock market news traders need to know on Thursday! A few examples include a stock pulling back after a rally and a two-cent increase this morning. All this information is ready for you to use at the following links!

More stock market news for Thursday

As of the date of publication, William White had no positions (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-sprinklr-cxm-stock-down-24-today/.

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