Amplitude Downgraded By Multiple Analysts: Customer Churn, Competition And Revenue Growth Expectations Wane - Amplitude (NASDAQ:AMPL)

KeyBanc Capital Markets analyst Michael Turits downgraded Amplitude Inc AMPL to Sector Weight from Overweight.
The analyst is bearish on AMPL as the company cut 2023 revenue growth guidance to $266 million- $269 million (consensus of $286.25 million) from $283 million - $291 million.
Turits expects the customer churn rate to remain high through Q4 and projects increased competition from the launch of Adobe Inc's ADBE Product Analytics.
Yesterday, AMPL reported Q1 2023 revenues of $66.5 million exceeding the consensus of $65.5 million, while adjusted EPS of $(0.04) came better than the consensus expectations of $(0.06).
The analyst reduced expectations for 2023 revenues to $267.5 million from $287.0 million earlier. He now expects EPS of $0.03 in 2023 vs. $(0.16) earlier.
Also, William Blair downgraded the rating on AMPL to Market Perform from Outperform.
Piper Sandler also downgraded the rating to Neutral from Overweight at a lowered price target of $9 (from $19 earlier).
Price Action: AMPL shares are trading lower by 8.43% at $10.65 on the last check Wednesday.