Klaviyo shares tumble after first report since IPO

Klaviyo

08/11/2023 16:13

** Klaviyo Inc's  KVYO.N  shares tumble 16.5% to $27.16 on
Weds even after marketing automation firm's FY rev forecast tops
expectations
    ** KVYO shares on course for their biggest one-day pct
decline since co went public after Sept IPO priced at $30
    ** Co late Tues reported Q3 rev up 48% yr/yr to $175.8 mln,
above consensus view of $167.2 mln, per LSEG data
    ** For 2023, co expects rev of $691.5-$693.5 mln vs
analysts' est of $682.5 mln
    ** TD Cowen reiterates "outperform" and $42 PT, saying KVYO
posted a "solid" Q3
    ** Net new $50k+ customer adds in qtr highest on record,
"showing strong momentum up-market," TD Cowen wrote in note
    ** But Citigroup cut its PT by $5 to $33, lowest on Wall
Street, LSEG data showed
    ** Avg rating among 12 analysts on KVYO is "buy" and median
PT is $38
    ** Shares of Klaviyo, whose backers include Canadian
e-commerce giant Shopify  SHOP.TO , are well off their intra-day
high of $39.47 hit on first day of trade
    ** Along with underwhelming performances by German sandal
maker Birkenstock  BIRK.N , chip designer Arm  ARM.O  and
grocery delivery app Instacart/Maplebear  CART.O , Klaviyo has
doused hopes for an IPO market rebound
    ** Instacart slated to report results on Weds after markets
close, which would be its first report since going public in
Sept. CART shares down 4.0% at $27.33 on the session, and below
its $30 IPO price

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))