Asia tech stocks slide tracking Wall St losses amid AI doubts, govt. uncertainty
NEW YORK - WM Technology, Inc. (NASDAQ:MAPS), a leading cannabis industry marketplace and technology solutions provider, reported fourth quarter 2024 results that exceeded revenue expectations, sending its stock up 3.6% in after-hours trading.
The company posted revenue of $47.7 million for the quarter, surpassing the analyst consensus estimate of $45.3 million and representing a 2.6% increase from $46.5 million in the same quarter last year. However, adjusted earnings per share came in at $0.02, slightly below the $0.03 expected by analysts.
WM Technology’s CEO Doug Francis stated, "We are proud of our team’s efforts and operational focus in delivering another period of strong financial results to close out the year. Our operational discipline and ability to drive profitability have been key in navigating the unique challenges our industry faces."
The company reported an increase in average monthly paying clients to 5,225, up from 5,014 in the prior year period. This growth was attributed to new client acquisitions and reactivations, partially offset by churn in mature markets. However, average monthly revenue per paying client decreased slightly to $3,041 from $3,089 YoY, due to ongoing constraints on clients’ marketing budgets.
For the first quarter of 2025, WM Technology provided guidance below analyst expectations. The company forecasts revenue of $43 million, compared to the consensus estimate of $47 million. Non-GAAP Adjusted EBITDA is projected to be approximately $7 million for the quarter.
Despite the lower guidance, investors appeared to focus on the revenue beat and improved profitability, as evidenced by the stock’s positive movement following the earnings release.
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