JFrog Ltd (NASDAQ: FROG), a leading provider of software development tools, saw its stock price plummet by 8.55% on Thursday, November 8, 2024, despite reporting better-than-expected quarterly earnings results.
The company reported an adjusted earnings per share (EPS) of $0.15 for the third quarter of 2024, surpassing analysts' average estimate of $0.11. Revenue for the quarter grew by an impressive 23% year-over-year, reaching $109.06 million and exceeding expectations of $105.6 million.
However, JFrog also reported a net loss of $22.95 million for the quarter, which may have raised concerns among investors about the company's profitability despite its strong revenue growth. Additionally, broader market volatility and "continued choppiness" in the tech sector, as mentioned in one of the news articles, could have contributed to the significant sell-off in JFrog's stock.
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