Shares of Procore Technologies (NYSE: PCOR), a leading provider of construction management software, plummeted more than 9% in after-hours trading on Monday, October 30, 2024, despite reporting better-than-expected third-quarter results. The steep decline came after the company provided disappointing revenue guidance for the fourth quarter.

For the third quarter of fiscal 2024, Procore reported revenue of $295.9 million, beating analysts' estimates of $287.6 million by 2.9%. The company's adjusted earnings per share of $0.24 also surpassed Wall Street's expectations of $0.22 by 9.4%. Despite these beats, Procore's revenue guidance for the fourth quarter fell short of analysts' projections, weighing heavily on investor sentiment.

The company expects fourth-quarter revenue to be around $297 million, which falls 1.3% below the consensus estimate of $301 million. While Procore's year-over-year revenue growth of 19.4% in Q3 was impressive, the lower-than-anticipated guidance for Q4 raised concerns about a potential slowdown in the company's growth trajectory.