WiseTech Shares Plunge Most in Six Months After Revenue Miss

WiseTech Global Ltd, an Australian shipping software company, saw its shares plunge the most in six months after the company's full-year revenue fell short of analysts' expectations. The company reported revenue of $429.4 million, which was lower than the expected $433.2 million. The share price dropped by as much as 9.6%, the biggest intraday decline since February 2022. The company's chief executive officer, Richard White, attributed the revenue miss to macroeconomic headwinds, including higher interest rates and inflation, which have impacted the global logistics industry. Despite the revenue shortfall, WiseTech maintained its full-year guidance, expecting revenue to grow between 18% and 22% in the current fiscal year. Analysts have expressed concerns about the company's ability to maintain its growth momentum in the face of these challenges, but the company remains optimistic about its long-term prospects. The stock's performance will continue to be closely watched by investors as the company navigates the evolving logistics landscape.