Yext Shares Climb After Acquisition Drives Outlook Raise

Dow Jones09-05

By Dean Seal

Shares of Yext jumped after a recent acquisition prompted the company to boost its full-year revenue guidance.

The stock was up 7% at $5.27 in early trading. Shares are still down about 11% on the year.

The search-software company said after the bell Thursday that it now expects $420 million to $421 million in revenue for the year, compared with a prior outlook for $394 million to $396 million.

The higher outlook comes after the company's acquisition last month of Hearsay, a social application for the financial services and insurance industries, which is expected to boost the top line in the second half of the year.

For the fiscal second quarter, Yext said revenue fell 4.6% to $97.9 million, missing analyst forecasts for $98.1 million. Adjusted earnings of 5 cents a share beat analyst projections by 2 cents, according to FactSet.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 05, 2024 11:22 ET (15:22 GMT)

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

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