Data management co Yext falls on FY24 revenue forecast cut

Yext

06/12/2023 12:49

** Shares of data management co Yext  YEXT.N  plummet 15.8%
to $5.90 premarket
    ** Co cuts FY24 revenue to the range of $403.2-$403.7 mln,
down from previous forecast range of $405-$407 mln
    ** FY24 revenue forecast also below LSEG estimates of $405.2
mln 
    ** Q3 revenue of $101.2 mln, misses estimates of $102.2 mln
    ** Brokerage Roth MKM raises PT on stock to $8 as co sees
better sales pipeline and AI launches contributing in second
half of FY24
    ** Stock up 7.4% YTD as of last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))