Yext Inc. (YEXT) shares lost 11.57% in after-hours on Thursday, September 02, 2021, and closed the daily trading at $12.30. In the regular trading session of Thursday, YEXT’s stock gained 0.36%. its shares have fallen 28.99% over the last 12 months, and they have moved up 8.16% in the past week. Over the past three months, the stock has lost 1.21%, while over the past six months, it has declined 8.61%.
Let’s see what are the latest news about the company?
YEXT recent development
On September 2, 2021, Yext, Inc announced its second quarter of fiscal 2022 results which ended on July 31, 2021.
Q2 2022 financial highlights
- YEXT reported revenue of $98.1 million in Q2 2022 compared to $88.1 million in the second quarter fiscal 2021.
- In Q2 2022, the gross profit was 5 million compared to $66.1 million in Q2 2021.
- Total operating expenses were $97.92 million in Q2 2022 compared to $90.3 million in Q2 2021.
- It suffered a net loss of $27.6 million in Q2 2022 compared to $25.12 million in Q2 2021.
- Net loss per basic and diluted share was $0.22 in Q2 2022 compared to $0.21 in Q2 2021.
- As of July 31, 2021, the company had cash and cash equivalents of $240 million compared to $147 million as of July 31, 2020.
YEXT algorithm update
On August 26, 2021, Yext, Inc announced the general availability of its Summer ’21 Release, which is underpinned by Yext’s new Phoenix search algorithm update.
The release introduces revamped test search and experience training, as well as a reimagining of Yext’s data connector and app frameworks, all to equip businesses with modern and powerful search solutions.
YEXT AI Search
On August 19, 2021, Yext, Inc launched AI Search on Salesforce AppExchange, empowering customers to transform the customer support experience for both agents and customers. The collaboration brings the companies’ platforms together, enabling clients to augment their existing Salesforce Service Cloud-powered help sites, agent consoles, and support forms with Support Answers.
YEXT first public sector team
On August 2, 2021, YEXT announced Laurie “LC” Cook as its first-ever Vice President of the Public Sector. Laurie “LC” Cook has over twenty years of experience and she will be responsible for leading and building out an arm of the company’s sales organization to serve United States federal, state, and local government agencies.
Conclusion
The recent financial results were the reason behind its after-hours loss on Thursday. The company top the revenue estimates but still reported the loss which took its stock down on Thursday evening.
