BILL HOLDINGS INC (BILL) saw a massive 34.55% plunge in its stock price during the pre-market session on Friday. The financial operations software provider's disappointing guidance for the upcoming third quarter overshadowed its better-than-expected results for the second quarter ended December 31.

For the second quarter, BILL HOLDINGS reported non-GAAP earnings per share of $0.56, surpassing Wall Street estimates of $0.46. Revenue came in at $362.55 million, slightly above the consensus estimate of $360.23 million, driven by a 16% year-over-year increase in core revenue, which consists of subscription and transaction fees.

However, the company's guidance for the third quarter cast a shadow over the positive Q2 results. BILL HOLDINGS forecasted Q3 revenue between $352.5 million and $357.5 million, falling short of analyst expectations of around $360.4 million. This disappointing guidance points to a slowdown in growth for the company, raising concerns among investors and leading to the significant stock price plummet.