Sprinklr down on FY25 revenue forecast below estimates
06/06/2024 17:12
(Updates)
** Shares of enterprise software company Sprinklr CXM.N
fall 16.4% to $9.06
** 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, 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;
authorizes an incremental $100-mln share buyback program
** Co announces expanded strategic partnership with Reddit
RDDT.N to help connect enterprises with redditors
** Barclays cuts PT to $11 from $17; notes "incrementally
negative" macroeconomic trends and prioritization of AI-related
spending over marketing as factors
** At least eight brokerages, including Barclays, cut PT on
stock
** Seven of 14 brokerages rate stock "buy" or higher and
seven "hold"; their median PT is $13
** Including session's losses, CXM stock down 24.7% YTD
(Reporting by Nikhil Sharma in Bengaluru)
((nikhil.sharma@thomsonreuters.com))