Why Bill Stock Is Plummeting Today
Bill (NYSE: BILL) stock is getting crushed in Friday's trading. The fintech specialist's share price was down 27.6% as of 12:45 p.m. ET, according to data from S&P Global Market Intelligence.
After the market closed Thursday, Bill posted quarterly sales and earnings results that beat the market's expectations -- but you would hardly guess that based on the stock's plunge on Friday. What's behind the big sell-off? Unfortunately, the company's guidance fell far short of Wall Street's targets.
For its fiscal 2024 first quarter, which ended Sept. 30, Bill reported non-GAAP (adjusted) earnings of $0.54 per share on sales of approximately $305 million. The average analyst estimate had been for earnings of $0.50 per share on sales of roughly $299 million. Bill increased sales by 33% year over year and adjusted earnings per share by roughly 286%. But the company is guiding for a dramatic growth deceleration in the current quarter.
Source Fool.com
