BILL Holdings Faces Stock Plunge and Lowered Guidance
Bill.com Holdings, Inc. (NYSE:BILL) reported better-than-expected Q1 2024 earnings, with revenue exceeding $300 million for the first time and growing 33% YoY. However, the company is facing macro pressures due to higher interest rates and tighter credit markets, leading to reduced spending by SMBs and their suppliers. As a result, the company adjusted its fiscal year outlook. Despite the challenges, Bill.com remains confident in its ability to navigate the short-term headwinds and continue investing in its integrated financial operations platform, which aims to serve SMBs and their financial needs.