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Why Expensify Stock Plunged Today

Why Expensify Stock Plunged Today

Shares of Expensify (NASDAQ: EXFY), which helps companies and individuals track expenses, plunged today after the company reported worse-than-expected second-quarter results. Expensify's second-quarter sales of $43.2 million were up 22% from the year-ago quarter but fell just below analysts' consensus estimate of $43.7 million for the quarter. Expensify had a non-GAAP loss per share of $0.10 in the quarter, a significant drop from earnings of $0.05 in the year-ago quarter and far below Wall Street's consensus estimate of $0.09 earnings per share for the quarter.