Investing.com — Zoominfo (not the Zoom video conferencing service you use to connect with your team) sank 13% after reporting earnings that beat estimates, but apparently weren’t enough to back the stock’s rally since its initial public offering in June.
Earnings per share of 7 cents beat the 5-cent estimate on sales of $110.9 million versus the average analyst forecast of $105.4 million. ZoomInfo uses a cloud-based platform to help sales and marketing teams identify potential customers.
Carlyle-backed ZoomInfo opened at $40 in early June, some 90% higher than its $21 per share IPO price, giving the company a market valuation of $15.3 billion. The shares continued on to jump more than 30% in less than three weeks.
The stock has come back down to earth and is now trading around $37.