Expensify Slumps on Weak Outlook, Paid Membership to Grow Slower

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Expensify Slumps on Weak Outlook, Paid Membership to Grow Slower
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com – Expensify (NASDAQ: EXFY ) stock plunged 12% Thursday after the online expense management company projected a weaker-than-expected revenue forecast for the current quarter.

For the first quarter ending today, the company expects revenue between $38.6 million and $39.6 million. That’s down sequentially after the company reported a 56% year-on-year jump in fourth-quarter revenue to top $40 million.

The company is expecting to add 684,000-702,000 average monthly paid members in the current quarter, fewer than the 711,000 members it added in the fourth quarter. The company said its October-December paid membership growth was the largest for a quarter since the start of the pandemic.

Expensify has a payments super app powered by cloud-based software to cater to small and medium-sized businesses. The company allows customers to scan and reimburse receipts from flights, hotels, coffee shops, office supplies, and ride shares.

Net loss widened by almost 13 times from a year ago to $22 million, mainly due to IPO-related bonuses for employees. Adjusted net profit was $4.4 million.

The company was listed on the Nasdaq in November.

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