Stock Track | SEMrush Plunges 15% Despite Raising Revenue Guidance After Q3 Earnings Miss

Stock Track
2024-11-08

Shares of SEMrush Holdings, Inc. (NYSE: SEMR) plummeted over 15% in pre-market trading on Thursday after the online visibility management platform missed earnings estimates for the third quarter of 2024, overshadowing a raised revenue outlook.

For Q3, SEMrush reported adjusted earnings per share of $0.05, lower than the $0.07 expected by analysts and down from $0.06 in the year-ago quarter. Revenue rose 23.7% year-over-year to $97.41 million, beating estimates of $96.65 million.

Despite the earnings miss, SEMrush raised its full-year 2024 revenue guidance to a range of $375 million to $376 million, up from the previous $373 million to $375 million range. The company also boosted its non-GAAP operating margin forecast for 2024 to approximately 12% from the prior outlook.

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