By Dean Seal
Shares of E2open hit an all-time low Wednesday, extending Tuesday’s losses after its chief executive stepped down and the company lowered its annual revenue outlook.
The stock was down 45% at a low of $2.40 in early trading. Shares are more than 59% lower year-to-date.
The software-as-a-service company said after the bell Tuesday that its board and Chief Executive Michael Farlekas have mutually agreed to a leadership change. E2open named Andrew Appel as its interim CEO as it searches for a permanent successor.
The company also said after the market closed that it is now projecting revenue of $625 million to $635 million for fiscal 2024, down from previous guidance for $655 million to $670 million.
For the second quarter, E2open logged revenue of $158.5 million, down from $160.7 million in the year-ago period and below the $159.7 million estimate consensus of analysts polled by FactSet. Adjusted earnings, which strip out one-time items, were four cents a share, missing analyst forecasts of five cents a share.
Shares fell in after-market trading on Tuesday, kept trending downward before the bell on Wednesday and then continued to sink after the market opened.
Write to Dean Seal at [email protected]
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