Why Braze Stock Was Falling Earlier Today
Shares of Braze (NASDAQ: BRZE) were down 16.2% as of 12:35 p.m. ET on Tuesday after delivering results for the fiscal second quarter ending July 31.
The company reported stable revenue growth of 55% year over year and slightly raised full-year expectations for revenue. Management now expects a slightly narrower adjusted net loss on the bottom line.
The stock entered the year trading at a high price-to-sales ratio of over 30. Even after the market correction, Braze still trades at an expensive price-to-sales multiple of 12.5, but management noted some softening in the business that Wall Street is worrying about.
Source Fool.com
