BTIG Downgrades WM Technology Inc (MAPS) to Neutral

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Go back to BTIG Downgrades WM Technology Inc (MAPS) to Neutral

WM Technology (MAPS) Plunges on 'Tepid Fundamentals,' Negative Sentiment

August 10, 2022 12:05 PM EDT

WM Technology, Inc (NASDAQ: MAPS) announced its financial results for the second-quarter aftermarket Tuesday, sending its shares more than 22% lower during Wednesday's session.

The technology and software infrastructure provider to the cannabis industry beat earnings expectations but missed revenue estimates, reporting earnings of $0.13 per share on revenue of $58.29 million. Analysts expected earnings of $-0.04 on revenue of $62 million.

Revenue increased 24% year-over-year, while the company's monthly active users increased to 17.4 million, up 41% compared to the prior year period. However, the average monthly revenue per paying client... More