:Swiss banking software firm Temenos lowered its guidance for 2024 on Tuesday, citing its half-year performance which was impacted by a short seller report by Hindenburg Research.
“While we did benefit from all the delayed Q1-24 deals signing in Q2-24, this was offset by the two month delay in most sales processes due to the short seller report,” CFO Takis Spiliopoulos said in a statement.
Temenos now expects total software licensing growth between 3 per cent and 6 per cent, down from 7 per cent to 10 per cent in its guidance from February.
It also expects annual recurring revenue of 13 per cent, down from 15 per cent originally.
Temenos also reported second quarter results, including subscription revenue of $39.2 million, missing analysts’ estimate of $45 million in a company-compiled consensus.
Jean-Pierre Brulard, whose appointment as CEO took effect in May, added that Temenos started to review its operational and financial strategy and will present a detailed investment plan at its capital markets day in November.
