Stock Track | nCino Stock Plunges as Q3 Revenue Outlook Disappoints

Stock Track08-28

Shares of nCino Inc. (NCNO), a leading provider of cloud-based banking software, plummeted over 15% in premarket trading on Tuesday, August 28, 2024. The steep decline came after the company reported its second-quarter earnings and provided guidance for the third quarter that fell short of Wall Street expectations.

While nCino reported better-than-expected earnings and revenue for the second quarter ended July 31, driven by strong performance in its core commercial lending business, particularly in the US market, the company's outlook for the third quarter revenue disappointed investors.

nCino expects total revenue of $136 million to $138 million for the third quarter, with subscription revenue of approximately $117 million to $119 million. These forecasts came in below analyst estimates, primarily due to slower-than-expected growth in the mortgage business and the ongoing transition to a new "platform pricing" model.

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