Shares of Sapiens International Corp NV (SPNS) plunged over 24% in premarket trading on November 11, after the insurance software company reported weaker-than-expected results for the third quarter of 2024 and slashed its full-year revenue guidance.
For the third quarter, Sapiens posted revenue of $137 million, falling short of analysts' consensus estimate of around $140 million. Adjusted earnings per share of $0.37 also missed the expected $0.38. The company attributed the revenue shortfall to challenges encountered during the quarter that are expected to impact the fourth quarter as well.
Adding to investor concerns, Sapiens lowered its 2024 revenue guidance to a range of $541 million to $546 million, down from the previous range of $550 million to $555 million. The new guidance also fell below analysts' expectations of around $553 million. Looking ahead to 2025, the company projected low single-digit revenue growth.
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