TechTarget shares slump on downbeat outlook

TechTarget

09/02/2023 13:37

** Shares of U.S.-based data and analytics software
solutions provider TechTarget Inc  TTGT.O  down 23% at $37
premarket
    ** Company sees Q1 GAAP revenue between $56.0 mln and $58.0
mln, vs avg analysts' est of $65.4 mln - Refinitiv
    ** "We are planning for 2023 revenue to decline between 11%
and 14%" - company
    ** TTGT reports Q4 revenue of about $73 mln vs $77 mln a
year earlier
    ** Company says it reduced headcount by about 5% in
December, resulting in about $7 mln in annual savings
    ** TTGT has put in place a hiring freeze for the next 90
days, says it is actively trying to sublease excess office space
to make adjustments to expenses
    ** Shares fell ~53.94% in 2022
 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com))