10:42 AM EDT, 07/31/2024 (MT Newswires) -- AvidXchange Holdings ( AVDX ) shares were down 20% in recent Wednesday trading after the company cut its 2024 revenue guidance in its Q2 results.

AvidXchange ( AVDX ) cut its 2024 revenue outlook to a range of $436 million to $439 million from $442 million to $448 million previously. Analysts polled by Capital IQ expect $447.4 million.

The company reported Q2 non-GAAP diluted earnings Wednesday of $0.05, compared with breakeven earnings a year earlier.

Analysts polled by Capital IQ expected $0.04.

Revenue for the quarter ended June 30 was $105.1 million, up from $91.2 million a year earlier.

Analysts surveyed by Capital IQ expected $106.9 million.

Price: 10.16, Change: -2.57, Percent Change: -20.17