AvidXchange (US:AVDX) ZACKS·2024-11-06 14:00Core Viewpoint - AvidXchange Holdings, Inc. reported quarterly earnings of $0.07 per share, meeting the Zacks Consensus Estimate, and showing an increase from $0.03 per share a year ago [1]. Financial Performance - The company posted revenues of $112.77 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 1.70%, compared to $98.68 million in the same quarter last year [2]. - Over the last four quarters, AvidXchange has surpassed consensus EPS estimates three times and has also topped consensus revenue estimates three times [1][2]. Stock Performance - AvidXchange shares have declined approximately 31.4% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [3]. - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $114.78 million, and for the current fiscal year, it is $0.24 on revenues of $438.08 million [7]. Industry Outlook - The Internet - Software industry, to which AvidXchange belongs, is currently ranked in the top 24% of over 250 Zacks industries, indicating a favorable outlook [8]. - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact AvidXchange's stock performance [5].