ZoomInfo Technologies slumps after cutting FY outlook, forecasts Q3 rev below estimates

ZoomInfo Technologies

01/08/2023 10:56

** Shares of IT services and consulting firm ZoomInfo
Technologies  ZI.O  slide 19.44% to $20.6 premarket
    ** ZI cuts FY23 rev forecast to range of $1.225 bln-$1.235
bln from prior range of $1.275 bln-$1.285 bln
    ** Also cuts FY23 adj EPS guidance to 99 cents-$1 from prior
range of 99 cents-$1.01
    ** Forecasts Q3 rev of $309 mln-$312 mln, below analysts'
consensus forecast of $316.01 mln - Refinitiv data
    ** Reports Q2 adj EPS of 26 cents vs 23 cents estimate; Q2
rev of $308.6 mln misses expectations of $310.9 mln
    ** Post results, seven brokerages reduced their PT on stock
    ** Up to Monday's close, stock had fallen 15.1% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))