Sprinklr down as FY25 revenue forecast below estimates

Sprinklr

06/06/2024 11:21

** Shares of enterprise software company Sprinklr  CXM.N 
fall 20% to $8.65 in premarket trade
    ** Company sees FY25 revenue between $779 mln and $781 mln,
well below analysts' est. of $805.1 mln - LSEG
    ** Posts Q1 earnings of $0.04/shr missing expectation of
$0.07/shr 
    ** Sprinklr's revenue up 17% YoY to $195.96 mln and earnings
from subscription up 12% to $177.4 mln for the quarter ended
April 30
    ** Company names board member Trac Pham as its Co-CEO;
authorises an incremental $100-mln share buy-back program 
    ** Barclays cuts PT to $11 from $17; notes "incrementally
negative" macroeconomic trends and prioritization of AI-related
spending over marketing as factors
    ** At least four brokerages, including Barclays, cut PT on
stock
    ** Seven of 14 brokerages rate stock "buy" or higher and
seven "hold"; their median PT is $13
    ** Up to last close, CXM stock had fallen ~10% YTD 

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))