Why nCino Stock Is Plummeting Today

nCino (NASDAQ: NCNO) stock is sinking in Wednesday's trading. The company's share price was down 12.4% as of 1:30 p.m. ET, according to data from S&P Global Market Intelligence.

After the market closed yesterday, nCino published results for the second quarter of its current fiscal year, which ended July 31. The fintech specialist actually posted sales and earnings results that beat Wall Street's expectations, but the stock is losing ground today because management's third-quarter guidance came in softer than anticipated.

nCino delivered earnings per share of $0.14 on sales of $132.4 million in fiscal Q2, beating the average Wall Street analyst's target for per-share earnings of $0.13 on sales of $131.04 million. Total sales in the period were up 13% year over year, and subscription revenue increased 14% to reach $113.9 million. The company also posted a non-GAAP (adjusted) operating margin of 15% -- an increase of roughly 500 basis points compared to the prior-year period.

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Source Fool.com