Expensify shares slump on downbeat forecast, Q4 loss

Expensify

31/03/2022 14:11

** Shares of expense management platform  EXFY.O  fall ~9%
to $17.02 in premarket trade
    ** EXFY, after market hours on Wednesday, posted Q4 net loss
of $21.9 mln, or 82 cents/shr, compared to profit of $1.7 mln
reported a year earlier  urn:newsml:reuters.com:*:nBw1VPd9ca
    ** Analysts were expecting a profit of 9 cents/shr in qtr,
according to Refinitiv IBES  urn:newsml:reuters.com:*:nASA03612
    ** Co, which went public in Nov, also forecasts Q1 rev
between $38.6 mln and $39.6 mln, below market estimate of $39.4
mln at midpoint
    ** EXFY expects a sequential decline in paid members,
guiding for avg monthly paid members between 684,000 and 702,000
in current qtr, compared with 711,000 reported in Q4
    ** At least three brokerages trim their PTs on EXFY
    ** Up to last close, stock was down ~58% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))