The market did not hesitate with Thryv Holdings. The stock closed at US$2.97, a one day collapse of more than 30%, as investors reacted to a fresh quarterly loss and a reset of software growth expectations.

This is a sentiment reckoning. Thryv posted Q2 revenue of US$150.7m with a net loss of US$16.7m, while management cut full year guidance for its software as a service business after prioritising product investment over sales hires. The price move indicates that fear is in charge, but the earnings detail shows a more mixed picture that deserves closer inspection.

Love Thryv Holdings’ focus on product investment but concerned about the pressure that fresh losses and tempered software growth expectations can put on your portfolio?…