Shares of Zuora (NYSE: ZUO), an online monetization platform company, were falling hard this morning after the company reported its results for the third quarter of its fiscal 2023, ended Oct. 31. 

While the company beat analysts' top- and bottom-line consensus estimate in the quarter, it issued weaker-than-expected fourth-quarter guidance and said that it was laying off 11% of its staff. 

As a result, the software-as-a-service stock plunged by 14.2% as of 10:41 a.m. ET.  

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Source Fool.com