Yext Inc. YEXT, -0.82% shares fell more than 10% in after-hours trading Tuesday, after the software company’s executives projected slower revenue growth this year than Wall Street expected. Yext executives guided for fiscal-year revenue of $402 million to $406 million, while the average analyst estimate called for $417.6 million. Yext finished the just-completed fiscal year with annual sales of $400.9 million, the company reported Tuesday, up from $390.6 million a year earlier. Executives expect better profitability than analysts were projecting after laying off 8% of staff, with the forecast calling for adjusted earnings of 22 to 23 cents a share for the year against a consensus of 14 cents a share, according to FactSet. For the fourth quarter, Yext reported adjusted earnings of 5 cents a share on sales of $101.9 million, after reporting an adjusted loss of 3 cents a share on sales of $100.9 million a year before. Yext shares have soared so far this year, amid the layoffs and announcement of a conversational chat product using artificial intelligence. The stock is up 30% in 2023, as the S&P 500 index SPX, -1.53% has gained 5.4%.
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