Shares of Amplitude (NASDAQ: AMPL) were sliding this week after the cloud-based software stock focused on digital optimization posted disappointing results in its first-quarter earnings report and lowered its revenue guidance for the year.

According to data from S&P Global Market Intelligence, the stock was down 14.2% this week as of Friday at 11:11 a.m. ET.

Amplitude, which provides data analytics tools so companies can track, understand, and improve the performance of their digital products, went public in September 2021. Shares initially popped, but like other software stocks, it's been hit hard by the macroeconomic slowdown in software spending, revenue growth has slowed, and its valuation has fallen significantly. 

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Source Fool.com