Why Yext Stock Surged Today
Shares of Yext (NYSE: YEXT) -- a software company that helps enterprises provide accurate information to the public -- surged on Wednesday after reporting financial results for the fourth quarter of its fiscal 2023. As of 1:30 p.m. EST, Yext stock was up 9%, but it had been up about 14% earlier in the day.
In Q4, Yext generated revenue of almost $102 million, which was up just 1% year over year. But even though growth was meager, it was ahead of management's guidance of $100 million to $101 million.
Last year, Yext's founder and CEO Howard Lerman stepped aside to allow new management to come in -- new management that promised to improve the company's profitability. While it still had losses, the bottom line improved nevertheless.
Source Fool.com
