Five9 stock drops on full-year revenue guidance

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Five9 Inc.’s. stock FIVN, -5.43% initially plummeted 16% before rallying in extended trading Monday after the call-center software specialist offered quarterly and annual revenue guidance that fell short of analyst estimates. The company forecast full-year sales of between $774.5 million and $775.5 million, while analysts polled by FactSet on average have modeled $783.7 million. Five9 reported a fiscal third-quarter net loss of $23.2 million, or 33 cents a share, compared with a net loss of $20.5 million, or 30 cents a share, in the year-ago quarter. Adjusted earnings were 39 cents a share. Revenue was a record $198.3 million, up 29% from $154.3 million a year ago. Analysts surveyed by FactSet had expected on average net income of 35 cents a share on revenue of $195.5 million. Shares of Five9 are down 66% this year, while the broader S&P 500 index SPX, +0.96% has slumped 20%. In 2019, Five9 shareholders rejected Zoom Video Communications Inc.’s ZM, +2.78% $14.7 billion all-stock acquisition offer.

This article was originally published by Marketwatch.com. Read the original article here.

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