RTTNews | May 27, 2021 10:01AM EDT

10:01 Thursday, May 27, 2021 (RTTNews.com) - Anaplan, Inc. (PLAN) shares are sliding more than 17 percent on Thursday morning trade as the company reported first-quarter net loss that widened from the prior year.

The cloud-native enterprise SaaS company reported first-quarter net loss of $51.49 million or $0.36 per share, wider than net loss of $39.60 million or $0.29 per share last year. On an adjusted basis, net loss was $0.10 per share.

Revenue for the quarter increased 25 percent to $129.83 million from $103.84 million in the previous year.

Looking ahead to the second quarter, the company expects total revenue in a range of $133.5 - $134.5 million.

For the full year, the company expects revenue in a range of $555-$560 million, while its earlier projection was between $550 and $555 million. Further, Anaplan announced the step down of its Chief Financial Officer David H. Morton, Jr.

Currently, shares are at $48.14, down 15.53 percent from the previous close of $56.99.

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