Trimble Shares Drop On FY22 Outlook Cut, Q1 Earnings Beat - Trimble (NASDAQ:TRMB)

Trimble Inc TRMB reported first-quarter FY22 revenue growth of 12% year-on-year to $993.7 million, beating the consensus of $968.2 million.
Annualized recurring revenue was $1.47 billion, up 12% Y/Y.
Product revenue grew 15.2% Y/Y to $621.6 million. Service revenue was flattish at $161.1 million. Subscription revenue rose 14.2% Y/Y to $211 million.
The gross margin remained flattish at 55.3%. Non-GAAP EPS of $0.73 beat the consensus of $0.67.
Trimble held $357.2 million in cash and equivalents.
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move," CEO Rob Painter said. "Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue, and earnings."
Outlook: Trimble cut the FY22 revenue guidance from $3.95 billion - $4.05 billion to $3.80 billion - $3.88 billion, below the consensus of $4.02 billion.
Trimble slashed the non-GAAP EPS outlook from $2.75 - $2.95 to $2.71 - $2.86 below the consensus of $2.89.
Price Action: TRMB shares traded lower by 7.78% at $64.48 on the last check Thursday.