Shares of Yext (NYSE: YEXT) plunged nearly 28% on Thursday even after the online search technology specialist announced slightly stronger-than-expected quarterly results.
To be sure, for its fiscal second-quarter 2024 (ended July 31, 2023), Yext's revenue climbed 2% year over year to $102.6 million, including a roughly $0.4 million positive impact from foreign currency exchange. On the bottom line, that translated to adjusted (non-GAAP) net income of $0.81 million, or $0.06 per diluted share. By comparison, most analysts were modeling earnings of $0.06 per share on revenue of $102 million.
Yext Chairman and CEO Michael Walrath credited the company's solid quarter to its "sharpened focus on positioning the business for durable and profitable growth." He said that recent market interest in AI-enabled products should leave the company well positioned to benefit even amid continued macroeconomic uncertainty.
Source Fool.com