Varonis Systems plunges on FY forecast cut, Q3 miss

Varonis Systems

01/11/2022 10:58

** Data analytics co Varonis Systems Inc's shares  VRNS.O 
drop 33.5% to $17.7 premarket, set to open at their lowest in
more than two years if losses hold
    ** Late on Monday, co cut its full-year adjusted net income
forecast to a range of $0.14/shr to $0.15/shr, down from a range
of $0.19/shr to $0.22/shr
    ** "We face headwinds from macroeconomic uncertainty and
continued foreign currency weakness, which we expect will
further impact our reported results in the near-term" - CFO Guy
Melamed 
    ** Co also misses Q3 revenue estimates
    ** Misses adj EPS estimates after topping profit
expectations for 10 quarters
    ** At least four brokerages cut PTs on the stock after
earnings
    ** Up to Monday's close, stock had fallen 45.1% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))