Shares of Five9 (NASDAQ: FIVN) tanked in morning trading on Monday as the provider of cloud contact center software announced that its CEO Rowan Trollope has resigned as CEO and from the Board of Directors.
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Trollope has accepted another role as CEO of a privately held pre-IPO company.
Mike Burkland, long-time Chairman and former CEO of Five9, will assume the role of CEO, effective from November 28, 2022.
Preliminary Q3 Results
Five9 is expected to announce its Q3 results on November 7. The company also announced preliminary Q3 results with revenues expected to be around $198 million versus its original guidance in the range of $192.5 to $193.5 million.
The company anticipates adjusted net income per share to come in at $0.38, above its original guidance of adjusted earnings in the range of $0.31 to $0.33 per share.
Is Five9 Stock a Buy?
Wall Street analysts certainly rate FIVN stock a Strong Buy based on 13 Buys and three Holds.
The average price forecast for FIVN stock is $129.79 implying an upside potential of 116.6% at current levels.
