Shares of Cerence Inc. (CRNC) are slipping nearly 15% on Tuesday morning after the company lowered its revenue outlook for the full year 2022.
CRNC is currently trading at $25.36, down $4.39 or 14.75%, on the Nasdaq. The stock opened its trading at $24.25 after closing Monday's trading at $29.75. The stock has traded between $22.68 and $125.73.
Third-quarter net loss was $99.3 million or $2.53 per share, compared to net income of $5.8 million or $0.15 per share. Adjusted profit dropped to $17.0 million or $0.43 per share from $26.1 million or $0.62 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.42 per share.
Revenues for the quarter dropped to $89.0 million from $96.8 million last year. Analysts had a consensus revenue estimate of $91.7 million.
Looking forward to fourth quarter, the company expects revenues of $52 million to $58 million. Analysts currently estimate revenues of $98.46 million for the quarter.
For the full fiscal year 2022, revenue is now expected to be in the range of $322 million to $328 million, down from prior outlook of $365 million to $385 million. Analysts currently estimate earnings of $370.89 million for the year.
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