ZoomInfo stock tumbles on weak guidance, CFO transition

Investing.comAug 5, 2024 8:16 PM

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ZoomInfo shares plunged 10% in after-hours trading Tuesday after the company reported second-quarter earnings that missed analyst expectations and provided weaker-than-anticipated guidance.

The go-to-market platform provider also announced a leadership change in its finance department.

ZoomInfo reported adjusted earnings per share of $0.17 for the second quarter, falling short of the $0.24 analyst consensus. Revenue declined 6% YoY to $291.5 million, below the expected $307.68 million.

Despite the challenges, ZoomInfo reported growth in its high-value customer segment, adding 37 customers with annual contract values of $100,000 or more during the quarter.

"In the second quarter, we implemented a number of initiatives to position the company for long-term success," said Henry Schuck, ZoomInfo founder and CEO. "Having successfully launched ZoomInfo Copilot, our AI-powered go-to-market platform, we are further accelerating a shift upmarket."

Looking ahead, ZoomInfo forecast third-quarter adjusted EPS of $0.21-$0.22, below the $0.25 consensus. Third-quarter revenue guidance of $298-301 million also missed analyst expectations of $317 million.

For the full year 2024, the company projected adjusted EPS of $0.86-$0.88 on revenue of $1.19-1.205 billion, both below consensus estimates.

The company also announced that Graham O'Brien, Vice President of FP&A, will become interim Chief Financial Officer on September 6, 2024, as current CFO Cameron Hyzer transitions to an advisory role.

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