Yext, Inc. (NYSE:YEXT) shares plunged more than 20% Wednesday after its revenue missed consensus expectations and it cut full-year revenue expectations.
After the close on Tuesday, the company reported third-quarter earnings of $0.09, $0.02 better than the analyst estimate of $0.07. Revenue for the quarter came in at $101.2 million, below the consensus estimate of $102.16 million but up 2% YoY.
The revenue miss was despite the fact sales during the quarter benefitted from approximately $1.4 million from foreign currency exchange rates.
The company noted the challenging macroeconomic environment and said it is focused on delivering innovation across its products to increase customer engagement.
For the fourth quarter, Yext sees earnings between $0.07 and $0.08, versus the consensus of $0.07, with revenue from $100 million to $100.5 million, versus the consensus of $102.16 million.
For the full-year, its EPS guidance was raised to between $0.31 and $0.32 from $0.28 to $0.29 a share. The consensus was $0.28.
However, annual revenue guidance was reduced to between $403.2 million and $403.7 million, down from the previous forecast of $404 million to $407 million and below the consensus estimate of $406.38 million.