Why Clarivate Stock Cratered Today
Shares of Clarivate (NYSE: CLVT) have cratered today, down by 14% as of 3:45 p.m. EST, after the company reported fourth-quarter earnings. The results were mixed relative to expectations, while the broader market is utterly tanking.
Revenue in the fourth quarter came in at $455.6 million, missing the consensus estimate of $472.2 million in sales. On an adjusted basis, revenue was $471 million. That resulted in adjusted earnings per share of $0.22, which was better than the $0.17 per share in adjusted profits that Wall Street analysts were modeling for. The analytics technology company posted adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $200 million. Annualized contract value (ACV) was $906.6 million.
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Source Fool.com
