Shares of Anaplan (PLAN) fell today after the company released its fourth-quarter and full-year 2021 results this morning.
The tech stock fell by as much as 17% this morning and was down by 14.5% as of 11:51 a.m. EST.
Anaplan reported a fourth-quarter non-GAAP (adjusted) loss of $0.07 per share, which beat Wall Street's expectation of a loss of $0.10 per share. The company's revenue of $122.5 million also outpaced analysts' consensus revenue estimate of $119 million.
"We delivered solid execution in FY21 with steady new customer growth this quarter," Anaplan CEO Frank Calderoni said in a press release. Calderoni added that the company is "seeing a rising demand for rapid scenario-based planning."
But despite the strong fourth-quarter results, some investors sold off their shares today. While it's not exactly clear why the stock dropped, one possibility is that some investors are taking some of the gains that the stock made leading up to the company's fourth-quarter earnings release.
In addition to its revenue and earnings beats, Anaplan's management also raised its revenue guidance for the full-year 2022. The company's previous sales guidance of $550 million for the year has been increased to a range of between $550 million to $555 million. With today's share price drop, Anaplan's stock is down 17.2% over the past 12 months.