The company has launched an AI platform and is trying to attract deeper-pocketed businesses
Shares of ZoomInfo are down 47% so far this year.
ZoomInfo Technologies Inc. on Monday cut its full-year forecast and announced changes to its board and its chief financial officer roles.
The company, whose software helps sales and marketing teams land customers, said it expected full-year sales of $1.19 billion to $1.205 billion, compared to an earlier forecast for $1.255 billion to $1.27 billion.
ZoomInfo said it now expected adjusted earnings per share of 86 cents to 88 cents, down from a prior range of $1 to $1.02 a share.
Shares of ZoomInfo sank 11.7% after hours on Monday. The stock is down 47% so far this year.
The selloff came amid broader market anxieties, as last week’s U.S. jobs figures raised concerns about an economic slowdown and the Federal Reserve’s ability to manage it.
ZoomInfo also said that its board appointed Graham O’Brien, a vice president at the company, as its interim CFO starting on Sept. 6. At that time, Cameron Hyzer, the current CFO, will continue to serve in an advisory capacity until Oct. 7, the company said, adding that it had begun a search for a permanent replacement.
Hyzer, in a statement, said it was the “right time for me personally to start my next professional chapter,” and expressed confidence in the company’s path forward.
ZoomInfo also said that Domenic Maida — a senior adviser at Boston Consulting Group — and Owen Wurzbacher, chief investment officer at HighSage Ventures, had been appointed as independent directors. Those appointments take effect Tuesday. It also said Todd Crockett was stepping down from the board.
ZoomInfo reported a second-quarter net loss of $24.4 million, or 7 cents a share, contrasting with a profit of $38.1 million, or 9 cents a share, in the same quarter last year. Adjusted for amortization, stock-based compensation and restructuring, ZoomInfo earned 17 cents a share.
Revenue fell 6% year over year to $291.5 million.
Analysts polled by FactSet expected adjusted earnings per share of 24 cents, on sales of $308 million.
The company has launched an artificial-intelligence-powered platform and is trying to attract deeper-pocketed businesses. Chief Executive Henry Schuck, in the company’s earnings release, said it had also “deployed a new business risk model to reduce write-offs and made a change in estimates related to the collectibility of receivables.”
“I am confident that this will strengthen our future financial position and enable the company to deliver strong and growing free cash flow,” he said.
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