Anaplan Stock Tumbles on Missing Q1 Earnings, CFO Transition

Anaplan Inc PLAN reported first-quarter FY21 revenue growth of 25% year-on-year to $129.8 million, beating the analyst consensus of $127.1 million.
Subscription revenue rose 26% Y/Y to $118.3 million, and Professional services revenue increased 14.6% Y/Y to $11.5 million.
The gross margin contracted 146 basis points to 74.7%, and the adjusted operating loss margin contracted 330 basis points to 9.6%.
Non-GAAP EPS loss of $(0.10), missed the analyst consensus loss of $(0.09).
Anaplan held $327.5 million in cash and equivalents and generated $13.8 million in operating cash flow.
Guidance: Anaplan sees Q2 revenue guidance of $133.5 million - $134.5 million, above the analyst consensus of $132.43 million.
CFO David H. Morton, Jr. will depart later this year to spend more time with his family. Anaplan has initiated a search for its next CFO. Morton will continue in his role until his successor is hired.
Price action: PLAN shares are trading lower by 19% at $46.16 in the premarket session on the last check Thursday.