Duck Creek Drops 12% As Revenue Outlook Shy Of Estimates

Shares of Duck Creek Technologies, Inc. (DCT) are down more than 12% Friday morning after the company provided third-quarter revenue outlook, below the consensus estimates.

Duck Creek provides software-as-a-service core systems to the property and casualty insurance industry.

The company expects third-quarter revenue to be in the range of $71 million – $73 million. On average, 11 analysts polled by Thomson Reuters expect revenue of $75.88 million for the quarter.

Duck Creek reported net loss of $0.9 million or $0.01 per share for the second quarter compared with $6.36 million or $0.05 per share a year ago.

Excluding one-items, the company had registered earnings of $5 million or $0.04 per share in the quarter. The consensus estimate stood at $0.01 per share.

Revenue for the quarter increased 22% year-over-year to $76.42 million. Analysts were expecting revenue of $72.57 million.

DCT is at $19.30 currently. It has been trading in the range of $18.60-$50.90 in the past 52 weeks.

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