Expensify soars after lifting annual free cash flow forecast

Expensify

09/08/2024 16:52

** Shares of payments app Expensify  EXFY.O  jump as much as
44.8%; last up 36.5% at $2.10
    ** After market close on Thursday, EXFY forecast annual free
cash flow between $15 mln and $16 mln, higher than its previous
expectation of $11 mln to $13 mln
    ** Brokerage Lake Street Capital Markets says EXFY poised
for more solid cash generation as it controls costs for the
remainder of the year and new streams of revenue come online 
    ** New Expensify, which allows customers to manage money, is
expected to generate revenue for EXFY in Q3
    ** Meanwhile, EXFY's Q2 adjusted profit of 6 cents/shr beat
Wall Street expectation of 4 cents/shr - LSEG data
    ** Paid members for second-quarter, ended June 30, came in
at 684,000, a decrease of 4,000 members from Q1 
    ** Growing more comfortable, user base has stabilized after
peaking in 2022 - Lake Street analysts
    ** Stock down 12.1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))