ZoomInfo Technologies Inc. (NYSE:ZI) shares traded lower on Wednesday after the company reported first-quarter financial results and issued second-quarter guidance below estimates.

What To Know: ZoomInfo Technologies reported first-quarter 2024 adjusted earnings per share (EPS) of 26 cents, exceeding the consensus estimate of 23 cents by 13.04%. The company's quarterly revenue stood at $310.1 million, surpassing the analyst consensus estimate of $308.74 million by 0.44%.

Looking ahead, ZoomInfo provided guidance for the second quarter and full-year 2024.

The company expects second-quarter EPS to be in the range of 23 cents to 24 cents, versus estimates of 25 cents per share. Second-quarter revenue is projected to be between $306 million and $309 million, versus estimates of $313.11 million.

For the full year, ZoomInfo raised its EPS outlook from a range of 99 cents to $1.01 to a new range of $1 to $1.02, versus estimates of $1. The company expects full-year revenue to be between $1.255 billion and $1.27 billion, versus estimates of $1.27 billion.

Despite the positive earnings report, concerns about the company's future financial performance appears to have led to a notable decline in its share price.

Analysts React: Following the company's first-quarter 2024 earnings report, analysts across various firms adjusted their price targets. Wells Fargo, Needham, UBS and Stifel maintained their ratings but lowered their price targets, while Piper Sandler, Mizuho and Goldman Sachs downgraded ZoomInfo and adjusted their targets accordingly.

ZI Price Action: ZoomInfo shares closed Wednesday down 24.2% at $12.15, according to Benzinga Pro.

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