ServiceTitan Stock Plunges 30%

ServiceTita a

57.09 USD -29.91%

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(RTTNews) - ServiceTitan Inc. (TTAN) shares are currently trading at $56.85, down $24.73, or 30.30 percent on Wednesday, possibly after the company reported second-quarter results the previous day, showing strong revenue growth but continued losses.

ServiceTitan closed the previous session at $81.58 and opened at $67.00 on the Nasdaq. The stock has traded between $56.70 and $69.45, with volume at 6.65 million shares, compared with average volume of 1.50 million. Its 52-week range is $54.17 to $119.60.

ServiceTitan reported revenue of $292.756 million, up from $242.123 million a year earlier. The company reported a net loss of $24.921 million, or $0.26 per share, compared with a net loss of $32.225 million, or $0.35 per share, a year earlier.

For the first six months, revenue increased to $561.580 million from $457.815 million, while net loss narrowed to $47.739 million from $78.589 million. The company's loss from operations also narrowed to $27.552 million from $34.772 million in the second quarter.