Accolade Shares Plunge 38% on 2Q, Fiscal-Year Revenue Guidance Below Expectations
Tiger Newspress06-28
Accolade shares plunged 37.5% in morning trading Friday following the release of second-quarter and fiscal-year revenue guidance below what Wall Street was expecting, along with its first-quarter results.
Accolade reported a first-quarter loss of 35 cents a share on revenue of $110.5 million. Analysts surveyed by FactSet expected a loss of 48 cents per share.
The company guided for second-quarter revenue of $104 million to $106 million, and fiscal-year revenue of $460 million to $475 million. Analysts are expecting second-quarter and fiscal-year revenue of $113.2 million and $490.2 million, respectively, according to FactSet.
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