News
James B. Bell
- November 03, 2023
By Will Feuer
Shares of Five9, a leading provider of cloud services for contact centers, experienced a 12% surge after the company released its impressive third-quarter results. The San Ramon, California-based company reported revenue of $230.1 million for Q3, a significant 16% increase from the previous year. This figure exceeded analysts' estimates of $224.5 million.
Additionally, Five9 narrowed its loss for the quarter. It reported an adjusted profit of 52 cents per share, surpassing analysts' anticipated 43 cents per share. CEO Mike Burkland praised the company's success, stating that their AI and automation portfolio is witnessing "unprecedented adoption."
As a result, Five9 has revised its full-year profit outlook. The company now projects a narrower loss of $1.39 to $1.33 per share. On an adjusted basis, Five9 aims to achieve earnings ranging from $1.91 to $1.93 per share, compared to their previous guidance of $1.79 to $1.83 per share.
Despite a slight decline of 7% in shares this year, the positive Q3 results have provided a boost, with shares currently trading at $63.15.
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