Navan Shares Drop Despite Better Results
Navan shares fell 17 percent in extended trading as surging operating costs overshadowed a second-quarter profit beat and a raised full-year revenue forecast. The travel platform reported strong booking volumes and announced plans to acquire BoomPop.
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Navan Inc. Class A posted second-quarter adjusted earnings of 5 cents per share on Wednesday, beating expectations of 4 cents per share. The travel platform raised its full-year revenue forecast to a range of $927 million to $933 million. Despite the upbeat outlook and a 35% jump in revenue to $232.8 million, shares fell 17% in extended trading.
