Q2 Holdings plummets on revenue forecast cut after Q3 miss

Q2 Holdings

08/11/2022 13:21

** Shares of cloud-based digital solutions firm Q2 Holdings 
 QTWO.N  down 20.6% at $21 in premarket trade
    ** Cuts FY adj rev forecast to $568.0 mln-$570.0 mln from
$577.5 mln-$581.5 mln, missing Wall Street est of $579.3 mln -
Refinitiv data
    ** Posts Q3 loss of 48 cents/shr, while analysts expected a
profit of 4 cents/shr 
    ** Q3 revenue of $144.8 mln also below its own expectations
due to lower-than-expected discretionary services and
transactional revenue
    ** At least six brokerages cut the target price on QTWO;
current median PT is $37.50 
    ** Stock has fallen ~67% YTD, as of last close
 (Reporting by Richard Rohan Francis in Bengaluru)
 ((RichardRohan.Francis@thomsonreuters.com;))