Navan Inc. shares surged 10.4 percent on Wednesday to close at $10.30, buoyed by easing US-Iran tensions and a brighter outlook for the travel industry. The AI-powered corporate travel management company rallied alongside peers as oil and gas prices fell with the reopening of the Strait of Hormuz, reducing costs for the fuel-dependent sector. The gains follow Navan's report earlier this month of a sharply narrower first-quarter net loss of $20.5 million, down 66.5 percent from a year earlier, while revenue jumped 40 percent to $220.2 million. For the second quarter, the company expects revenue between $219 million and $221 million, and full-year revenue is projected at $907 million to $913 million, representing 30 percent growth at the midpoint.
Navan, Inc. Class A Common StockUS-Iran deal eases travel sector fears, lowers oil prices, reducing fuel costs for Navan.