2024-04-02 11:59:57 ET
Summary
- Expensify, Inc.'s bottom line beat expectations in Q4 2023 due to cost-cutting measures, but top line growth remains challenging.
- Expensify plans to launch a new platform in 2024 to reinvigorate growth, but analysts remain skeptical about its prospects.
- The stock has seen some recent insider buying by a beneficial owner and Expensify should turn the corner and be profitable in FY2024.
- A full analysis around Expensify follows in the paragraphs below.
Shares of expense management platform Expensify, Inc. ( EXFY ) have rebounded more somewhat since the company reported a better-than-expected Q4 2023 bottom line on February 22, 2024. Cost cutting measures were responsible for the beat, but top line growth remains challenging as existing customer seats contracted by 42,000 in FY23 after expanding 85,000 in FY22. With a rolling launch of its new platform throughout 2024 and a questionable marketing approach, the beneficial owner buying into this busted IPO merited a deeper dive. An analysis follows below....
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Expensify: A Company That Hopes To Turn The Corner In 2024