Shares of Procore Technologies slid premarket after the maker of construction software posted a third-quarter loss wider than some investors’ expectations, reflecting a slowdown in the building trade throughout the U.S. and prompting a downgrade from one Wall Street firm.
Shares of Procore fell 18% to $49 premarket.
After the bell Wednesday, Procore, which makes project-management software for construction firms, logged a third-quarter loss of $43.8 million, or 31 cents a share, narrower than $71.2 million, or 52 cents a share, a year earlier.
Procore also boosted its revenue projection for the year to a range between $937 million and $939 million, from a prior estimated range between $908 million and $912 million.
In the wake of the earnings report, analysts at brokerage Jefferies cut their rating on the stock to hold from buy. The Jefferies analyst slashed their price target on the stock to $55 from $90.