Construction software maker Procore faces challenges with Q3 results

  • Procore Technologies shares slide 18% after posting wider-than-expected Q3 loss
  • Slowdown in the building trade in the US contributes to the loss
  • Jefferies downgrades Procore stock from buy to hold
  • Jefferies slashes price target on Procore stock from $90 to $55

Shares of Procore Technologies, the maker of construction software, dropped 18% in premarket trading following the release of their third-quarter earnings report. The company reported a loss of $43.8 million, wider than expected, which was attributed to a slowdown in the building trade across the US. As a result, Jefferies downgraded Procore stock from buy to hold and lowered their price target from $90 to $55.

Public Companies: Procore Technologies (N/A)
Private Companies:
Key People:

Factuality Level: 7
Justification: The article provides factual information about Procore Technologies’ third-quarter loss, the decrease in share price, and the downgrade from Jefferies. It also includes the company’s revenue projection update. However, the article lacks in-depth analysis and context about the reasons behind the loss and the overall state of the building trade in the U.S.

Noise Level: 3
Justification: The article provides relevant information about Procore Technologies’ third-quarter loss and the reasons behind it. It includes details about the company’s financial performance, revenue projection, and the downgrade from Jefferies. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It also does not explore the consequences of the loss on stakeholders or hold powerful people accountable. Overall, the article contains some noise and lacks depth.

Financial Relevance: Yes
Financial Markets Impacted: Shares of Procore Technologies

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses the financial performance of Procore Technologies and the impact on its shares. However, there is no mention of an extreme event or any specific rating of its impact.

Reported publicly: www.marketwatch.com