Why Five9 Stock Tanked on Monday
Shares of Five9 (NASDAQ: FIVN), an industry-leading provider of cloud-based contact center solutions, have been demolished this year. Between the beginning of the year and last Friday, shares had slid about 44%. The stock has been battered and bruised recently, along with many other growth stocks that soared during the COVID-19 pandemic.
But the stock's year-to-date loss is even worse Monday, as shares slid about 19% as of 10:15 a.m. ET. The growth stock's sharp drop today comes as news broke that Five9's CEO, Rowan Trollope, is stepping down. Shares are now down more than 50% year to date.
However, there's an encouraging silver lining to this CEO transition story regarding both the returning CEO's comeback story and the better-than-expected preliminary third-quarter financial results Five9 reported along with this press release.
Source Fool.com
