Online marketing and search company Yext (NYSE: YEXT) plunged in pre-market trading even as the company reported better-than-expected second-quarter results. The company reported adjusted earnings of $0.07 per share in Q2 compared to adjusted earnings of $0.03 in the same period last year. This was above analysts’ estimates of earnings of $0.06 per share.
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The company’s revenues went up by 2% year-over-year to $102.6 million in the second quarter, again beating Street estimates of $101.9 million. Yext had remaining performance obligations (RPO) of $424.5 million as of July 31, 2023, while its annual recurring revenues (ARR) increased 3% year-over-year to $398 million.
Looking forward to the fiscal third quarter, Yext has projected revenues in the range of $101.5 million to $102.5 million versus consensus estimates of $102.3 million. Adjusted earnings in Q3 are projected to be in the range of $0.06 to $0.07 per share, in line with estimates. In FY24, Yext anticipates revenues between $405 million and $407 million while adjusted earnings are likely to be in the range of $0.29 to $0.30 per share.
Analysts are sidelined about YEXT stock with a Hold consensus rating based on one Buy and three Holds.
