Shares of SEMrush Holdings, Inc. (SEMR) plummeted over 15% in pre-market trading on Thursday, November 8th, after the online visibility management platform reported weaker-than-expected earnings for the third quarter of 2024.
For Q3, SEMrush reported adjusted earnings per share of $0.01, significantly lower than the $0.03 expected by analysts and down from $0.03 in the year-ago quarter. The company's revenue rose 23.7% year-over-year to $97.4 million, slightly beating estimates of $96.7 million.
While SEMrush's Q3 earnings fell short of expectations, the company 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. However, the positive outlook appears to have been overshadowed by the disappointing Q3 earnings miss, triggering the sharp sell-off in the company's shares.
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