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Why Cerence Stock Is Falling Hard Today

TheMotleyFool

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Why Cerence Stock Is Falling Hard TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/32e7a10f-efd0-424a-861f-2f3e0bb7ce02.png

Shares of Cerence (NASDAQ: CRNC), a software company focusing on mobility, plummeted today after the company reported its fiscal third-quarter results for the period ended June 30. The company beat analysts' consensus bottom-line estimate but missed Wall Street's top-line expectations and issued guidance that was worse than expected.

The tech stock was down by 22.6% as of 12:25 p.m. ET.

Cerence reported non-GAAP (adjusted) earnings per share of $0.43, which were down from $0.62 per share in the year-ago quarter but slightly ahead of analysts' average estimate of $0.42.

Source Fool.com

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