Expensify tumbles on Q2 loss, revenue miss

Expensify

12/08/2022 15:10

** Expense management software maker Expensify Inc's shares
 EXFY.O  down about 13% at $21.2, set for worst day since
January, after missing estimates on revenue and earnings
    ** Co reports a 22% increase in revenue of $43.2 mln,
falling short of analysts' estimates of $43.66 mln - Refinitiv
data
    ** Co also reports a net loss of 10 cents/share vs a profit
of 5 cents/share a year earlier, citing stock-based compensation
expenses of $14 mln in the quarter
    ** Still, co reaffirms its long-term guidance of 25%-35%
revenue growth over a multi-year period  urn:newsml:reuters.com:*:nASA03L9G
    ** Piper Sandler and BofA Global Research raise PT to $26
from $25, while JP Morgan cuts to $27 from $30
    ** BMO says it estimates that growth was impacted by ~2pts
due to the accounting around the company's new rewards program
for its Expensify card
    ** All eight brokerages covering the stock have rated the
stock "buy" or higher; their median PT is $26 - Refinitiv data 
    ** Up to Thursday's close, stock had fallen about 51% YTD vs
an about 19% decline in the Nasdaq Computer Index  .IXK 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))