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ZoomInfo Technologies Inc (NASDAQ:ZI) shares plummeted Wednesday after the company’s chief executive Cameron Hyzer provided disappointing 2023 guidance at an RBC Capital Markets investment conference.
Hyzer reportedly stated that it continues to see macroeconomic pressure and scrutiny from customers in the fourth quarter.
The company’s shares fell around 27% following the comments. At the time of writing, they are down 15%, around the $26.80 mark.
Bloomberg reported Hyzer as saying at the RBC conference that the firm doesn’t “see any evidence currently that that macroeconomic pressure is going to subside or turnaround quickly in the short term.”
He added that thinking of 4% to 5% sequential revenue growth in each quarter of 2023 is “prudent,” as it would translate approximately into “high-teens” revenue growth for the year. That is below the current consensus, with Bloomberg adding that according to its data, the average analyst estimate for 2023 revenue growth is 26%.
