WM Technology Plunges as Q3 Revenue, Profit, Outlook All Fall Short
By Dhirendra Tripathi
Investing.com – WM Technology stock (NASDAQ:MAPS) fell more than 21% Friday after the company disclosed disappointing July to September sales and profit and an outlook for the current quarter.
Revenue rose 9% to around $51 million in the third quarter after what has been a sluggish year for the cannabis industry.
The software provider to the weed stakeholders grew its monthly active users by 1.6 million during the quarter to close September at 13.9 million.
The company defines MAUs as the number of unique users opening its Weedmaps mobile app or accessing its Weedmaps.com website over the course of a calendar month.
Average monthly revenue per paying client rose 7%, to $3,817.
Profit per share was 2 cents, half of what analysts expected.
The company now expects its current-quarter revenue to be $51 million at center of the range, same as what it delivered in July through September. At the top end too, the target is not much higher at $52 million.
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WM Technology Plunges as Q3 Revenue, Profit, Outlook All Fall Short
