Why Manhattan Associates Shares Got Crushed Today

Shares of Manhattan Associates (NASDAQ: MANH) have gotten crushed today, down by 11% as of 11:15 a.m. EDT, after the company reported third-quarter earnings yesterday after the market closed. Despite better-than-expected results, pessimism over the retail industry continues to hurt investor sentiment.

Revenue in the third quarter came in at $152.9 million, roughly flat from a year ago. License revenue fell to $18.8 million, down from $21.6 million a year ago. Adjusted earnings per share were $0.51. The Street was expecting sales of $150.4 million, with adjusted earnings per share of $0.50.

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Source: Fool.com