nCino (NASDAQ:NCNO) shares sank more than 23% after the cloud-based bank operating system’s fourth quarter earnings disappointed.
For the quarter, nCino posted earnings per share of $0.12, down from $0.21 in the year-ago quarter and missing estimates of $0.19.
Revenue increased by 14% year-over-year to $141.4 million. Analysts had expected $140.8 million.
This revenue growth was driven by a 16% jump in subscription revenue to $125 million from $107.5 million in the year-ago period.
"We ended the year strong, with meaningful year-over-year subscription revenues and ACV growth, while continuing to realize efficiencies across our operations," nCino CEO Sean Desmond said in a statement.
nCino also annoucned that its Board of Directors has authorized a stock repurchase program for up to $100 million of its outstanding common stock.
nCino shares traded down 23.1% at about $21 late morning on Wednesday.