Guidewire Software (GWRE) saw its shares drop sharply by 5.13% during intraday trading, reversing earlier gains fueled by a stronger-than-expected fiscal Q1 earnings report.
The initial pre-market rally, driven by the company's earnings beat and raised revenue forecast, was overshadowed by profit-taking and concerns about the sustainability of margin expansion and cloud momentum, as noted by RBC Capital Markets. The firm reiterated its "outperform" rating but highlighted mixed market sentiment post-results.
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