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Why Five9 Stock Plunged Today

TheMotleyFool

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Why Five9 Stock Plunged TodayPhoto, wide shot, wide-angle lens, soft focus, IT consulting firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-uhXP0RHYYxDepjmHeSp1K8bF.png?st=2023-05-07T15%3A26%3A44Z&se=2023-05-07T17%3A26%3A44Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-07T16%3A18%3A55Z&ske=2023-05-08T16%3A18%3A55Z&sks=b&skv=2021-08-06&sig=4pcJOd8aEI1799liUV13F4ElqO7e4RZy8sa1PEeeNZA%3D

Shares of Five9 (NASDAQ: FIVN) fell 13.4% on Thursday after the cloud contact center platform provider's weak forward guidance overshadowed otherwise-strong fourth-quarter 2023 results.

Five9's fourth-quarter 2023 revenue grew 15% year over year to $239.1 million, translating to adjusted (non-GAAP) net income of $45.1 million, or $0.61 per share. Analysts, on average, were only expecting earnings of $0.49 per share on revenue of $238 million.

Five9 Chairman and CEO Mike Burkland noted the company's top-line growth was driven by its Enterprise business, which grew 25% for the year.

Source Fool.com