Cerence Drops 8% After Earnings Miss

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Shares of Cerence Inc. (CRNC) are falling more than 8% Monday morning after the company’s fourth-quarter earnings fell short of analysts’ view.

Cerence reported a loss of $11.6 million or $0.29 per share for the fourth quarter, narrower than 230.1 million or $5.84 per share loss a year ago.

Excluding one-time items, the company posted a profit of 3.8 million or $0.09 per share that missed the average estimate of analysts polled by Thomson-Reuters of $0.15 per share.

CRNC, currently at $15.89, has traded in the range of $12.82 – $36.79 in the last 52 weeks.

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