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Why Five9 Stock Plunged Today

TheMotleyFool

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Why Five9 Stock Plunged Today: https://g.foolcdn.com/editorial/images/766438/call-center-workers.jpg

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