Guidewire stock drops after revenue miss, weak outlook

Guidewire Software Inc. shares (GWRE) dropped in the extended session Thursday after the insurance-industry software provider's revenue and outlook came in light. Guidewire shares fell as much as 8% after hours, following a 0.2% decline to close the regular session at $82.84. Guidewire estimates revenue of $255 million to $265 million for the fourth quarter, and $890 million to $900 million for the year. Analysts surveyed by FactSet expect revenue of $258.6 million for the fourth quarter, and $900.7 million for the year. The company reported a fiscal third-quarter loss of $45.6 million, or 56 cents a share, compared with $57.4 million, or 69 cents a share, in the year-ago period. The adjusted loss was 8 cents a share, compared with 26 cents a share in the year-ago period. Revenue rose to $207.5 million from $197.4 million in the year-ago period. Analysts had estimated a loss of 14 cents a share on revenue of $214.4 million.

-Wallace Witkowski

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06-01-23 1844ET

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