Why Upland Software Stock Dropped Today
Shares of Upland Software (NASDAQ: UPLD) have dropped today, down by 11% as of 1:10 p.m. EST, after the company reported third-quarter earnings. The enterprise software specialist missed expectations for both top and bottom lines.
Revenue in the third quarter came in at $55.1 million, just shy of the $55.4 million in sales that analysts were modeling for. That resulted in adjusted net income of $13.2 million, or $0.52 per share, which was below the $0.57 per share in profits that investors were expecting. Adjusted EBITDA was $20.7 million, and Upland said it closed a new $410 million credit agreement that it plans to use to fund future growth, which could include potential acquisitions.
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Source Fool.com
