Sprinklr Inc (CXM)

Sprinklr Inc Stock (CXM) dropped by 33.47% from $16.70 to $11.11 in the trading on Thursday December 07, 2023. The reasons why CXM stock down today include:

• Slowdown in large customer wins: The total number of customers spending more than $1 million declined sequentially and fell below Wall Street's expectations due to "down sales" as large customers adjust their software spending due to the macro environment. They anticipate this renewal cycle to be more challenging than usual, impacting their guidance numbers.
• Forward growth outlook: Sprinklr announced solid fiscal third-quarter 2024 results, but followed with disappointing forward guidance for next fiscal year. Due to some of the highlighted macro headwinds, the company expects to deliver a modest 10% revenue growth in FY'25, well below Consensus estimates.
• Stock downgrade: Following the earnings results, BTIG analyst Matt VanVliet downgraded the stock's rating from Buy to Neutral, adding, early FY'25 outlook points to major deceleration.