Guidewire Software slumps on FY revenue outlook cut

Guidewire Software

02/06/2023 14:50

** Shares of U.S.-based software products provider Guidewire
Software  GWRE.N  down 6.6% at $77.3
    ** Co cuts FY23 total rev forecast to between $890 mln and
$900 mln, from previous forecast of $894 mln-$904 mln
    ** Analysts on avg expect 2023 total rev of $900.2 mln -
Refinitiv IBES
    ** GWRE reports third-quarter rev of $207.5 mln, below avg
analysts estimate of $214.3 mln
    ** However, "raising our overall profitability expectations
for the year as higher cloud margins and ongoing cost discipline
outweigh lower services revenue and margin" - co
    ** As of last close, GWRE shares down ~~% this year

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))