Bill.com’s stock tumbles nearly 30% on weaker forecast

1 min read

Shares of Bill Holdings Inc. tanked more than 30% after hours on Thursday after the financial software firm cut its full-year sales outlook, saying inflation and consumer uncertainty pose a bigger threat to its smaller-business customers.

The company
BILL,
-34.75%,
whose cloud-based platform Bill.com helps small businesses handle payments, invoices and expenses, said it expected full-year revenue of $1.205 billion to $1.245 billion and adjusted per-share profit of $1.64 to $1.97.

That compares to a forecast given in August for around $1.29 billion to $1.31 billion in sales and adjusted earnings per share of $1.82 to $1.97.

The macroeconomic climate is “challenging,” Chief Financial Officer John Rettig said in a statement. “We are carefully navigating the current environment while continuing to invest behind the long-term opportunity to serve millions of [small and mid-sized businesses].”

The company also forecast fiscal second-quarter sales of $293 million to $303 million, and adjusted earnings per share of 35 cents to 44 cents, below expectations.

Bill reported fiscal first-quarter adjusted earnings per share of 54 cents, above FactSet estimates for 50 cents, on revenue of $305 million, topping expectations for $298.7 million.

Shares of Bill Holdings have lost nearly 18% so far this year, contrasting with an advance of 12% for the S&P 500 index
SPX.

Claudia Assis contributed to this report.

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