ZoomInfo Shares Drop 22% After 1Q Earnings Miss

Dow Jones05-08

By Chris Wack

ZoomInfo Technologies shares dropped after the company missed first-quarter earnings estimates.

Shares were down 22% to $12.52 in recent trading. The stock is down more than 40% in the last 12 months.

The technology company after market close on Tuesday reported first-quarter earnings of $15.1 million, or 4 cents a share, compared with earnings of $44.5 million, or 11 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $34.7 million, or 9 cents a share.

Revenue for the quarter was $310.1 million, compared with last year's $300.7 million and the $308.8 million analysts were expecting.

ZoomInfo is looking for second quarter revenue of $306 million to $309 million, and cut its 2024 revenue guidance to $1.255 billion to $1.27 billion. Analysts are expecting second-quarter revenue of $308 million, and 2024 revenue of $1.263 billion.

Piper Sandler cut its ratings for ZoomInfo to Neutral from Overweight, and lowered its price target to $15 from $24 a share. Goldman Sachs cut the stock to Sell from Neutral, and lowered its price target to $12 from $19.50 a share.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 08, 2024 09:56 ET (13:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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