BM Technologies plunges on disappointing third-quarter results

Bm Technologies

15/11/2022 17:59

** Fintech company BM Technologies Inc's shares  BMTX.A 
plunge 16% to $6.88 - their biggest pct drop ever
    ** BMTX's Q3 revenue falls 13% to $19.9 mln from last year,
missing average analysts' estimate of $23.9 mln - Refinitiv Data
    ** BMTX missed revenue estimates in the past two quarters as
well
    ** Co also reports a surprise loss of 41 cents/shr; analysts
had expected profit of 31 cents/shr
    ** "Revenue and EBITDA were negatively impacted this quarter
as we are no longer benefiting from the tailwinds of stimulus,
which affected customer spend," says Chief Executive Officer
Luvleen Sidhu
    ** More than 2.2 mln shares traded, more than three times
their 25-day moving avg
    ** Company's shares down 25% YTD so far
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))