the crisis that has roiled regional banks spread to another software company on wednesday shares of cloudsoftware company ncino inc ncno  which focuses on the financial sector plunged more than 10 in afterhours trading wednesday after executives reduced their annual revenue forecast and guided for quarterly sales lower than wall street expected the move follows a big downturn for tenable holdings inc tenb earlier this earnings season which was blamed on banks holding off on spending as they ensure they won’t become the next first republic or silicon valley bank “it was in the us enterprise segment those above 100 billion in assets where we have seen the most impact which caused lengthening sales cycles particularly with larger sales opportunities” ncino chief executive pierre naudé said in a conference call wednesday executives also pointed at banks focused on mortgages as the housing market struggles with higher interest rates they noted elevated “churn” or canceling of subscriptions from that sector “from a timing standpoint some of the independent mortgage bank churn occurred sooner than anticipated which will negatively impact our second quarter and full year subscription revenues” chief financial officer gregory orenstein said in the call ncino executives forecast fiscal secondquarter revenue of 114 million to 1155 million and fullyear sales of 474 million to 4785 million a reduction from previous guidance that called for 476 million to 483 million analysts on average were predicting secondquarter sales of 1175 million and fullyear revenue of 4795 million according to factset for the first quarter ncino’s financial results lived up to wall street’s estimates the company reported a net loss of 112 million or 10 cents a share on sales of 1137 million up from 942 million a year ago after adjusting for stock compensation acquisition and litigation costs and other effects ncino reported earnings of 7 cents a share improving from an adjusted loss of 6 cents a share a year ago analysts on average expected adjusted earnings of 5 cents a share on sales of 1126 million according to factset ncino’s stock had already suffered this year amid concerns about fallout from the banking crisis but had rebounded so far this month shares are up 4 on the year after an 112 gain in may the sp 500 index spx has increased 95 in 2023 and 03 in may so far