Sprinklr(US:CXM) Prnewswireยท2024-06-08 02:02Core Viewpoint - Sprinklr is under investigation for potential securities fraud and unlawful business practices, coinciding with disappointing financial results and guidance that fell short of market expectations [1][2]. Financial Performance - On June 5, 2024, Sprinklr reported financial results for its first fiscal quarter ending April 30, 2024, with full-year revenue guidance below expectations and second-quarter revenue guidance that did not meet consensus estimates [2]. - The company cited a soft demand environment characterized by longer sales cycles and increased budget scrutiny, leading to higher churn in its core product suites due to reduced marketing spend and seat reductions [2]. Market Reaction - Following the financial results announcement, Sprinklr's stock price dropped by $1.64 per share, or 15.13%, closing at $9.20 per share on June 6, 2024 [6]. - Analysts from D.A. Davidson and Cantor Fitzgerald downgraded Sprinklr's stock ratings from Buy to Neutral and from Overweight to Neutral, respectively, reflecting concerns over the company's performance and outlook [2].