LegalZoom slides after profit miss, PT cuts

LegalZoom.com

11/11/2021 14:07

** Shares of online legal services firm  LZ.O  slip ~12% to
$21.0 premarket, set to open at their lowest since debut in June
    ** Shares set for the worst session ever as co's Q3 profit
misses estimates; revenue beats  urn:newsml:reuters.com:*:nL8N2S19QR
    ** At least three brokerages cut PT but are still upbeat
about co, saying its tax advice and filing business revenue will
accrue only during filing season
    ** "Management is taking an even more focused approach on
driving the subscription business for the long-term durability
of growth and that could cause some volatility in the top-line
in coming quarters" says JPMorgan
    ** Jefferies notes weak business formations, says path
forward is choppy; cuts PT to $24 from $30
    ** LZ down 35% since debut
    

 (Reporting by Susan Mathew;)
 ((susan.mathew@thomsonreuters.com; +91-80-6287-2704;))