Shares of data analytics software company Alteryx Inc. (NYSE: AYX) in Irvine fell as much as 23% in after-hours trading after forecasting third-quarter revenue below expectations.
Third-quarter revenue is expected to be in the range of $208 million to $212 million, below the average analyst estimate for $233 million.
Full-year revenue is expected to be in the range of $930 million to $940 million, representing year-over-year growth of 9% to 10%. Analysts expected $983.9 million.
“Customers are demonstrating a strong commitment to Alteryx as they face an increasingly dynamic macro environment, as evidenced by robust and consistent gross retention and renewal rates in Q2,” said Alteryx CEO Mark Anderson in today’s earnings release. “As we look to the second half of 2023, we are reinforcing our commitment to improving profitability.”
Second quarter revenue rose 4% to $188 million, beating analysts’ estimates, while the net loss widened to $120 million from $107 million in the same period a year ago.
Shares in the company dropped 23% to $28.93 apiece for a market cap of $2.7 billion as of 5.19 p.m. in New York.
