2023-05-16 14:56:06 ET
MarketWise ( NASDAQ: MKTW ) saw a sharp decline in several key metrics during the latest quarter, with subscribers experiencing the sharpest drop since the investing newsletter company came public in mid-2021. Meanwhile, revenue per user and billings fell to their lowest levels dating back to at least Q3 of 2020.
According to data compiled by Seeking Alpha from public filings, paid subscribers for MKTW dropped to 777K in Q1 2023. That's down 7.6% compared to the previous quarter and lower by 14.5% compared to the same period last year.
Average revenue per user dropped 5% quarter on quarter and 22.5% on an annual basis, falling to a level of $493. It's the first time the company has publicly reported ARPU below $500. Meanwhile, billings dropped 3.7% from last quarter to $97.2M, an annual slide of 28.5%.
MarketWise ( MKTW ) debuted on the Nasdaq in July 2021. The company was formerly known as Beacon Street Group and combined with Ascendant Digital Acquisition in 2021 in a SPAC deal.
The company declared its first-ever quarterly dividend at $0.01 per share last week. The stock is rated a Hold by Seeking Alpha's Quant Ratings, while SA analysts have a Buy on shares. Wall Street analysts in general have a consensus Strong Buy on the stock.
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MarketWise continues to see downward subscriber trend