Shares of Clarivate Plc (NYSE: CLVT) plummeted over 8% in pre-market trading on Monday after the company reported weaker-than-expected financial results for the third quarter of 2024 and withdrew its full-year guidance.
The data analytics company's revenue for the quarter fell 3.9% year-over-year to $622.2 million, missing Wall Street's estimates of $640.8 million. The decline was driven by lower transactional and other revenue across all three business segments - Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
Adjusted earnings per share came in at $0.19, beating analyst expectations of $0.18 but down 9.5% from the prior year period. However, Clarivate reported a net loss of $65.6 million, compared to a net income of $12.3 million in the third quarter of 2023.
As a result of the recent CEO transition and ongoing work on a value creation plan, the company has withdrawn its previously issued guidance for 2024, citing the need to improve performance and drive profitable growth.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.