LivePerson stock drops 60% on Thursday after disappointing earnings

LivePerson Inc LPSN was up about 6% on Friday after a big bearish day on Thursday caused the stock to plunge a whopping 60%.

The massive decline was caused by the LIvePerson's earnings results, which were released after the market closed on Wednesday.

LivePerson reported an earnings loss of 25 cents per share for the fourth quarter, beating the consensus estimate of 35 cents. The company missed the top line, reporting $122.477 million compared to the $126.96 million estimate.

LivePerson lowered its revenue estimate for full year 2023 by $70 million.

The news caused several analysts to weigh in on the stock. Read more here.

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LivePerson's chart: A bounce higher on Friday was the most likely scenario because of how steeply LivePerson fell on Thursday. The drop caused LivePerson's relative strength index RSI to reach the 22% mark, which indicates that the stock is heavily oversold.

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