EXFY - Expensify stock drops after Q2 earnings miss consensus net loss reaffirms guidance

August, 11 2022 04:37 PM Expensify Inc.

Expensify ( NASDAQ: EXFY ) shares fell as much as 20.6% in Thursday after-hours trading after its Q2 earnings came in weaker-than-expected, highlighted by an $8.0M net loss mostly driven by stock-based compensation expenses.
Meanwhile, "we delivered great results this quarter anchored by an increase in subscription revenue and Expensify Card interchange," said CFO Ryan Schaffer.
Revenue of $43.2M at June 30 fell short of the average analyst estimate of $43.7M, but rose from $35.3M a year before.
Net loss of $8.0M at the end of June tumbled from income of $6.6M in Q2 of last year.
Operating expenses for Q2 totaled $31.3M vs. $19.9M in Q2 2021.
Q2 paid members grew to 754K compared with 706K in the first quarter.
The company said it reiterated its long-term outlook "provided in connection with our fourth quarter 2021 results of 25-35% revenue growth over a multi-year period."
Conference call at 2:00 p.m. PT (5:00 p.m. ET).
In July, Expensify stock rallied after BofA upgraded to Buy on potential for higher margins .

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