Why Shares of nCino Are Falling Today
Shares of the cloud-banking technology company nCino (NASDAQ: NCNO) traded roughly 10.7% lower as of 10:44 a.m. ET today after the company reported earnings results for its first fiscal quarter of 2024 ended April 30.
In its first fiscal quarter, nCino reported a loss of $0.10 per share on total revenue of $113.7 million, with adjusted earnings coming in at $0.07 per share. Both adjusted earnings and revenue beat consensus estimates for the quarter.
"We are pleased to begin the year reporting a strong quarter with record operating income and free cash flow," nCino CEO Pierre Naudé said in an earnings statement. "We remain confident in our future trajectory while navigating current market conditions and believe we are well positioned for long-term profitable growth."
Source Fool.com
