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Why Zuora Stock Is Plunging Today

Why Zuora Stock Is Plunging Today

Shares of Zuora (NYSE: ZUO), an online monetization platform company, were falling hard this morning after the company reported its results for the third quarter of its fiscal 2023, ended Oct. 31. While the company beat analysts' top- and bottom-line consensus estimate in the quarter, it issued weaker-than-expected fourth-quarter guidance and said that it was laying off 11% of its staff. Zuora reported a non-GAAP (adjusted) loss per share of $0.02 in the quarter, which was flat on a year-over-year basis but was better than Wall Street's average estimate of a loss of $0.06 per share.