cerence inc shares slid 19 to 2406 after the company cut its fiscal year guidance and said it is altering its strategy on fixed contracts the automotive cognitive assistance solutions company said it wouldnt book fixed contracts in the fourth quarter and starting in fiscal 2023 would manage the annual contribution of fixed contracts at about 40 million a year cerence said the nearterm impact of the decision is materially adverse to its financial performance but that it expects business to return to predictable growth in the long term the burlington massbased company guided for fourthqyarter revenue of 52 million to 58 million and an adjusted earnings before interest taxes depreciation and amortization loss of 5 million to 11 million for the fiscal year ending sept 30 revenue is expected at 322 million to 328 million and adjusted ebitda at 79 million to 85 million the company previously guided for revenue of 365 million to 385 million and adjusted ebitda of 119 million to 139 million