Klaviyo, Inc. (KVYO) experienced a significant 24-hour plunge of 12.17% during Tuesday's trading session, with the decline continuing into after-hours trading.

The sharp drop came after the company reported its first-quarter financial results and announced that Chief Financial Officer Amanda Whalen will step down from her role. While Klaviyo beat both earnings and revenue estimates for Q1, investors reacted negatively to the leadership change and the company's second-quarter adjusted operating income forecast of $47.5 million to $50.5 million, which fell below analyst expectations of $52 million.

Despite raising its full-year revenue guidance and reporting strong Q1 performance with adjusted earnings of $0.22 per share on revenue of $358 million, the market focused on the upcoming CFO transition and the softer near-term profit outlook, driving the stock lower in extended trading.