Kaleyra shares poised for record low on rev forecast cut, wider Q3 loss

Kaleyra

08/11/2022 16:05

** Shares of mobile communication services firm Kaleyra Inc
 KLR.N  plunge 19% to 67 cents - edging towards record low 
    ** Co cuts FY22 sales forecast to a range of $331.5 mln to
$335.5 mln vs. prior range of $345 mln – $350 mln 
    ** Co reports wider-than-expected Q3 loss of 26 cents/shr vs
 analysts' estimates of 24 cents/shr, as per Refinitiv IBES
data; misses estimates for eight straight quarters
    ** Says decrease in revenue was mainly driven by broader
economic uncertainty and poor business purchasing sentiment
    ** At least two brokerages cut PTs on the stock
    ** Three of four brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $5 -Refinitiv data
    ** Stock down 93.3% YTD
 (Reporting by Johann M Cherian and Shristi Achar A in
Bengaluru)
 ((johann.mcherian@thomsonreuters.com;
Shristi.AcharA@thomsonreuters.com;))