Envestnet slumps on weak revenue forecast
04/08/2023 17:54
** Shares of wealth management fintech Envestnet ENV.N
down ~9% at $54.4
** Company on Thursday forecast Q3 and full-year revenue
below estimates
** Co now expects Q3 revenue to be in the range of $316
mln-$319 mln, compared with analysts' estimates of $323.7 mln -
Refinitiv
** ENV expects full-year revenue to be in the range of $1.25
bln-$1.26 bln vs estimates of $1.27 bln
** Co reports quarterly adjusted net income of $30.4
million, or 46 cents per share, down from $32 million, or 49
cents a piece in the year ago period
** Including session move, shares down ~12% YTD
(Reporting by Pritam Biswas in Bengaluru)
((Pritam.Biswas@thomsonreuters.com))