ZoomInfo Technologies Inc. ZI shares are trading lower in Monday's after-hours session following a mixed second-quarter earnings report and weak guidance. Here's a rundown of the results and a look at what's driving the action.
What Happened: The company reported quarterly earnings of $0.26 per share, which beat the analyst consensus estimate of $0.23. Quarterly sales came in at $308.60 million, missing the analyst consensus estimate of $310.33 million.
The company expects third-quarter revenues of $309 million to $312 million, below the consensus estimate of $325.79 million. The company also cut its 2023 revenue outlook to a range of $1.225 billion to $1.235 billion, down from a prior range of billion to $1.275 to $1.285 billion.
The company announced a $500 million share repurchase program as well.
"In Q2 we delivered another quarter of revenue growth, increased profitability, and free cash flow generation," said Henry Schuck, ZoomInfo Founder and CEO. "Today we help more than 35,000 businesses use the data, insights, and workflows in the ZoomInfo platform to engage with customers and win faster.
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ZI Price Action: ZI shares were down 16.7% after hours at $21.30 at the time of publication, according to Benzinga Pro.
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