ZoomInfo slumps as weak Q2 view, lower FY forecast disappoint

ZoomInfo Technologies

08/05/2024 10:35

** Shares of IT services and consulting firm ZoomInfo
Technologies  ZI.O  slide 21% to $12.7 in premarket trading
    ** Forecasts rev for second-quarter ending June 30 in range
of $306 mln-$309 mln, below est. $310.07 mln; Q2 EPS range of
$0.23-$0.24 vs est. $0.24 - LSEG data
    ** Co also slightly trims FY24 rev forecast to $1.255
bln-$1.27 bln vs prior forecast of $1.26 bln-$1.28 bln
    ** However, ZI beats Q1 results estimates
    ** At least five brokerages cut PT post results 
    ** "ZI will still see pressure near term as investors
grapple with when a rebound is likely to materialize while the
history of resets and threat of continued layoffs to this
seat-based model remain top of mind," Barclays said
    ** Mean recommendation of 23 brokerages tracking ZI is
"hold", median PT at $19.25
    ** As of last close, ZI shares down 13.4% YTD vs 8.8% rise
in Nasdaq  .IXIC 

 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))