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As a result of the recent CEO transition and ongoing work on a value creation plan, the company has withdrawn its previously issued guidance for 2024, citing the need to improve performance and drive profitable growth.
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