Sprout Social drops on downbeat Q2 revenue forecast

Sprout Social

03/05/2023 13:35

** Shares of social media software provider Sprout Social
Inc  SPT.O  drop 15.9% to $40.65 premarket
    ** Stock on track to open at its lowest in nearly a year, if
losses hold
    ** Company late on Tuesday forecast Q2 revenue between $78.6
mln and $78.7 mln, below analysts' avg. est. of $79.9 mln -
Refinitiv
    ** SPT's Q1 net loss widened to $10.3 mln from $9.8 mln a
year earlier on higher operating expenses
    ** Q1 revenue met analysts' est.
    ** At least 6 brokerages cut PT on stock after results
    ** Up to previous close, stock down 14.4% YTD

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))