Why Splunk's Stock Is Crashing Today
Shares of Splunk (NASDAQ: SPLK) fell Thursday after the data security platform company reported its fiscal 2023 second-quarter results. It actually beat Wall Street's consensus estimates on the top and bottom lines, but investors appeared to be focusing their attention on management's disappointing guidance about annual recurring revenue and cloud sales.
As of 1:23 p.m. ET, the tech stock was down by 11.8%.
Let's start with the good news. For the fiscal quarter, which ended July 31, Splunk's total sales increased 32% in the second quarter to $799 million, which was better than analysts' average estimate of $747.7 million.
Source Fool.com
