Why AvidXchange Stock Plummeted Today
AvidXchange (NASDAQ: AVDX) stock got crushed in Wednesday's trading. The company's share price ended the daily session down 29.7%, according to data from S&P Global Market Intelligence.
Despite a bullish surge for the broader market today, AvidXchange stock got hit hard after the company published its second-quarter results. The accounts payable/automation specialist's share price cratered following the release of mixed Q2 results and concerning forward guidance.
AvidXchange's revenue increased roughly 15% year over year to hit $105.13 million, but it still missed the average analyst estimate by $1.75 million. On the other hand, the company's non-GAAP (adjusted) earnings per share came in at $0.05 -- beating the average Wall Street target by $0.01 per share.
Source Fool.com
