Sprinklr Shares Slide On Mixed FY23 Outlook
Sprinklr, Inc (NYSE: CXM) reported third-quarter revenue growth of 24% year-on-year to $157.3 million, marginally beating the consensus of $156.1 million.
Non-GAAP EPS of $0.02 beat the consensus loss of $(0.01).
Non-GAAP gross margin expanded 400 bps to 75%. Non-GAAP operating income was $6.9 million versus a loss of $(12) million a year ago.
Sprinklr held $544.1 million in cash and equivalents as of October 31.
Effective December 2, Sprinklr appointed Kevin Haverty to its board. Haverty is currently the Senior Advisor to the CEO at ServiceNow, Inc. (NYSE: NOW).
Matthew Jacobson, a Partner at ICONIQ Capital, stepped down from the Sprinklr Board of Directors effective December 1.
Outlook: Sprinklr sees Q4 revenue of $162.3 million - $163.3 million (vs. consensus $166.1 million) and Non-GAAP EPS of $0.01 - $0.02 (vs. consensus $0.01).
Sprinklr sees FY23 revenue of $615.2 million - $616.2 million, down from $616 million - $620 million (vs. consensus $618.1 million).
Sprinklr improved Non-GAAP EPS loss outlook to $(0.04) - $(0.05) from prior $(0.06) - $(0.08) (vs. consensus loss of $(0.07)).
Oppenheimer analyst Brian Schwartz maintained an Outperform and lowered the price target from $16 to $10.
Stifel analyst Parker Lane downgraded from Buy to Hold and reduced the price target from $12 to $8.
JMP Securities analyst Patrick Walravens reiterated a Market Outperform and cut the price target from $22 to $16.
Wells Fargo analyst Michael Turrin reaffirmed an Equal-Weight and slashed the price target from $12 to $9.
Price Action: CXM shares traded lower by 4.30% at $7.89 on the last check Wednesday.
Latest Ratings for CXM
Date | Firm | Action | From | To |
|---|---|---|---|---|
Feb 2022 | Morgan Stanley | Maintains | Equal-Weight | |
Feb 2022 | Keybanc | Downgrades | Overweight | Sector Weight |
Jan 2022 | Wells Fargo | Maintains | Equal-Weight |
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