|Company Name||Yext, Inc.|
On August 29, 2019, Yext announced that it would launch Yext Answers (“Answers”) with the mission of “Perfect Answers Everywhere.” The Company also provided fiscal 2020 guidance, including expected revenue of $299 million to $301 million. On October 29, 2019, Yext launched Answers.
On December 5, 2019, after the market closed, Yext reported its third quarter 2020 financial results and reduced its fiscal 2020 guidance, expecting revenue between $296.5 million and $298.5 million. The Company indicated that the launch of Answers during the third quarter “did delay our cycles.”
On this news, the Company’s stock price fell $2.34 per share, or over 14%, to close at $14.26 per share on December 6, 2019, thereby injuring investors.
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