What happened

Shares of Anaplan (PLAN) have plunged today, down by 19% as of 2:20 p.m. EST, after the company reported fiscal fourth-quarter earnings. The results beat expectations, but investors are worried about slowing growth and the departure of the software specialist's chief growth officer.

So what

Revenue in the fiscal fourth quarter increased 42% to $98.2 million, which topped the market's expectations of $97.2 million in sales. That led to an adjusted net loss of $0.07 per share, which was better than the $0.10 per share in adjusted net losses that analysts were modeling for. Remaining performance obligation was $656 million, while dollar-based net expansion rate came in at 122%.

Red stock chart going down

Image source: Getty Images.

"We had an outstanding fiscal year and continue to see incredible growth opportunities with growing demand for our platform," CEO Frank Calderoni said in a statement. "Our customers are looking for ways to manage and respond to the rapid pace of change and uncertainty and our platform is becoming the obvious choice for enterprisewide planning."

Now what

The enterprise planning software company announced that Mark Anderson would be stepping down from his role as chief growth officer in order to spend more time with his family. Anderson will advise Anaplan through the transition, and the company will not backfill the role. Anderson joined the company in August 2019.

Anaplan expects revenue in the first quarter to be $102 million to $103 million, which should result in an adjusted operating margin of negative 17.5% to negative 18.5%. Anaplan raised its outlook for fiscal 2021 and now expects revenue of $463 million to $467 million, up from a prior forecast of $455 million to $460 million.