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ZoomInfo Technologies Inc (NASDAQ:ZI) reported worse-than-expected financial results for the second quarter and announced a management transition on Monday.
ZoomInfo reported quarterly earnings of 17 cents per share which missed the analyst consensus estimate of 23 cents per share. The company reported quarterly sales of $291.50 million which missed the analyst consensus estimate of $307.73 million.
"In the second quarter, we implemented a number of initiatives to position the company for long-term success. Having successfully launched ZoomInfo Copilot, our AI-powered go-to-market platform, we are further accelerating a shift upmarket," said Henry Schuck, founder and CEO of ZoomInfo. "To that end, in the quarter we grew our $100k ACV customer cohort sequentially, had our best new business quarter in the mid-market and enterprise, while we stabilized net revenue retention."
The company announced that CFO Cameron Hyzer will step down from his role. Hyzer will remain in an advisory capacity until Oct. 7 to help facilitate a smooth transition. Graham O’Brien has been named interim CFO, effective Sept. 6.
ZoomInfo sees third-quarter revenue in the range of $298 million to $301 million versus estimates of $307.7 million, according to Benzinga Pro. The company anticipates adjusted net income of 21 cents to 22 cents per share versus estimates of 23 cents per share.
ZoomInfo shares fell 5.9% to close at $9.80 on Monday.
These analysts made changes to their price targets on ZoomInfo following earnings announcement.
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