Why Cerence Stock Is Crashing Today
Shares of Cerence (NASDAQ: CRNC) were plummeting almost 18.8% as of 11:58 a.m. ET Monday after the auto-focused software company reported fiscal fourth-quarter earnings that offered guidance that was below Wall Street's expectations.
Although Cerence beat analysts' top- and bottom-line forecasts, its outlook for the coming fiscal first quarter was well below the mark. The software specialist guided for a range of $91 million to $96 million, short of the $101.3 million Wall Street anticipated.
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Source Fool.com
