RTTNews | Oct 15, 2021 10:09AM EDT

10:08 Friday, October 15, 2021 (RTTNews.com) - Shares of Duck Creek Technologies, Inc. (DCT), a SaaS-delivered enterprise software provider to the the property & casualty insurance industry, are down more than 23% in the morning trade on Friday despite better-than-expected fourth-quarter earnings.

The company reported net loss of $5.59 million or $0.04 per share in the fourth quarter compared with net loss of $21.47 million a year ago.

Excluding items, it reported earnings of $0.02 that beat the average estimate of a analysts polled by Thomson Reuters of $0.01 per share.

Revenue for the fourth quarter was $70.85 million, an increase of 21% from the comparable period last year, helped primarily by subscription revenue growth of 35%.

Looking forward to the first quarter, revenue is expected in the range of $68 million-$70 million. The consensus estimate stands at $68.66 million.

For the full year revenue is expected between $292 million and $300 million. Analysts expect revenue of $303.01 million for the period.

DCT touched a 52-week low of $32.79 this morning, before edging up to $35.26 currently.

Read the original article on RTTNews ( https://www.rttnews.com/3233023/duck-creek-drops-23-despite-earnings-above-estimates.aspx)

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