Why Cerence Stock Is Falling Hard Today

Shares of Cerence (NASDAQ: CRNC), a software company focusing on mobility, plummeted today after the company reported its fiscal third-quarter results for the period ended June 30. The company beat analysts' consensus bottom-line estimate but missed Wall Street's top-line expectations and issued guidance that was worse than expected. 

The tech stock was down by 22.6% as of 12:25 p.m. ET. 

Cerence reported non-GAAP (adjusted) earnings per share of $0.43, which were down from $0.62 per share in the year-ago quarter but slightly ahead of analysts' average estimate of $0.42. 

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Source Fool.com