Why Zuora Stock Dropped This Week
Shares of cloud-based software specialist Zuora (NYSE: ZUO) dropped this week, declining 14% through Thursday trading. That's as compared to a flat market, according to data provided by S&P Global Market Intelligence. The drop didn't put much of a dent in shareholders' returns, though. Zuora remains up over 35% so far in 2023, while the S 500 has gained 14% in that time.
This week's slump came as the company revealed its second-quarter results while updating its outlook for the full fiscal 2024 period.
Zuora, which markets software that helps companies transition to subscription-based selling models, achieved $108 million in sales for the period that ended in late July. That result met the low end of the guidance management issued back in May and translated to an 11% sales increase year over year.
Source Fool.com
