LegalZoom on track for record decline after rev forecast disappoints

LegalZoom.com

08/05/2024 16:26

** Shares of LegalZoom.com  LZ.O  down more than 20% by late
morning Weds, a day after online legal services co reported Q1
results that missed estimates and it gave a Q2 rev forecast
below Wall Street expectations
    ** LZ last down 22.8% at $9.33, nearly 1-yr low, and on
track for biggest daily pct decline since co's 2021 IPO
    ** The co reported Q1 results late Tues and forecast Q2 rev
of $172-$176 mln, citing weaker macroeconomic trends
    ** Wall Street had called for Q2 rev of $178.1 mln, based on
LSEG data
    ** Following the report, BofA Global Research cut its price
objective to $13 from $15
    ** LZ is now down more than 17% for the YTD


 (Reporting by Caroline Valetkevitch and Lance Tupper)
 ((caroline.valetkevitch@thomsonreuters.com))