EXFY - Why Expensify Stock Crashed Today
Shares of expense-management software company Expensify (NASDAQ: EXFY) crashed on Thursday, following the release of the company's financial results for 2021. Needless to say, investors had expected a little more from this newly public company and a bevy of analysts lowered their official expectations as a result. As of 11:30 a.m. ET, Expensify stock was down almost 14%.
Expensify had its initial public offering (IPO) in November, so it hasn't been a public company very long. But it's certainly off to a tepid start with investors. For 2021, it generated revenue of almost $143 million, which was up 62% year over year and close to expectations. However, it's only guiding for revenue of $38.6 million to $39.6 million for the first quarter of 2022, a drop in revenue from the fourth quarter of 2021.
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Why Expensify Stock Crashed Today