Cerence Inc. revised earnings guidance for the year ending September 30, 2024. For the period, the company provided revised revenue guidance of between $318 million and $332 million. The company has brought down the full year revenue guidance by $40 million at the midpoint, which represents an approximately 11% reduction in revenue.

Previously, the company expected revenue to be in the range of $355 million to $375 million, which includes an estimated $20 million of fixed contracts. The company now expects GAAP Net loss to be in the range of $256 million to $242 million against previous guidance of GAAP net income in the range of $11 million to $26 million.