Why ZoomInfo Technologies Stock Skyrocketed Today
Shares of customer data platform ZoomInfo Technologies (NASDAQ: ZI) skyrocketed on Wednesday after the company reported financial results for the fourth quarter of 2024. As of 3:15 p.m. ET, ZoomInfo stock was up 24%.
ZoomInfo helps its customers find and acquire customers of their own, which sounds helpful. But the company's growth has flatlined recently. And this is still true, with Q4 revenue down 2% year over year to $309 million. That said, investors seem encouraged that, during Q4, it added 58 new customers spending $100,000 annually, taking the total to 1,867.
Multiple analysts upgraded their outlooks for ZoomInfo stock today because these results were better than expected. And even though the company is guiding for numbers that are essentially flat in the coming year, they're encouraged the decline seems to be bottoming out.
Source Fool.com
