Second-quarter earnings at supply chain software provider E2open were negative enough that investors heavily sold off stock Thursday after management tried to put a positive spin on the company’s outlook. At approximately 11:15 a.m. EDT, E2open (NYSE: ETWO) stock was down about 75 cents per share to $3.32, a drop of 18.4%. It was not a 52-week low for the company; that mark was set with a price of $2.15 almost one year ago exactly at the time it was pushing its CEO out the door. Among the key numbers that investors may have found discouraging was subscription revenue of $131.6 million in the second quarter of fiscal 2025. However, that figure was not surprising and actually came toward the high end of the guidance range of $129 million to $132 million that had been provided by the company. But it appears to be the company’s guidance going forward that set off the drop in E2open’s stock price. For the third quarter of fiscal 2025, subscription revenue is expected to be $130 million to $133 million. CFO Marj Armstrong said on the conference call with analysts that the figure would represent a drop of 2.1% on the low end from the prior year to an increase of 0.2% on the high end. But she also said E2open expects to have higher 'booking and customer retention metrics' in the third quarter sequentially from the second quarter. For all of fiscal 2025, E2open now expects its subscription revenue to be $526 million to $532 million, which would be a negative 2% to negati