On the other hand, Snap's shares plunged by more than 34%, dragging the Communicate pillar 11.8% lower. The company has been struggling with declining revenue per user and is banking on its subscription offering and AI capabilities to boost revenue. DocuSign lost nearly 12% after deal talks with Bain Capital and Hellman & Friedman stalled. The company announced a restructuring plan aimed at improving financial and operational efficiency, which includes a 6% workforce reduction.
Key takeaways:
- The CE 100 Index gained 1.9% due to gains in the Move sector, which added 5.2%. XPO led the sector with a 26% surge, reporting a 6% year-on-year increase in revenues to $1.9 billion.
- Adyen's shares increased by 21.4%, supporting the Pay and Be Paid segment’s 3.4% jump. The company reported a 29% increase in processing volume and a 23% increase in net revenues in the most recent quarter.
- CyberArk’s shares surged by 19%, with the company reporting a 70% increase in subscription revenue to $150.3 million in the fourth quarter of 2023.
- Snap's shares plunged by more than 34%, dragging the Communicate pillar 11.8% lower. The company reported a 5% year-over-year dip in average revenue per user in the fourth quarter. DocuSign also lost nearly 12% of its value, announcing a restructuring plan targeting a 6% workforce reduction.