Shares of Dynatrace (DT) are under pressure on Wednesday after the company reported better-than-expected second quarter results but lowered its full year 2023 revenue outlook. QUARTERLY RESULTS: Dynatrace reported fiscal second quarter non-GAAP EPS of 22c and revenue of $279M, both better than the expected 18c and $272.48M, respectively. For the third quarter, the company said it sees revenue of $283M-$286M, with consensus at $285.42M. Dynatrace also lowered its guidance for the full year 2023 to $1.164B-$1.172B from $1.213B-$1.226B, with consensus at $1.13B. Additionally, the company announced the appointment of Jim Benson as CFO, effective November 15. ON THE SIDELINES: In addition this morning, Macquarie analyst Frederick Havemeyer initiated coverage of Dynatrace with a Neutral rating and $38 price target. The analyst is taking a cautious view on near-term macro headwinds. PRICE ACTION: In Wednesday morning trading, shares of Dynatrace have dropped almost 2% to $33.56.
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