Why Katapult Stock Is Launching Skyward Today
Shares of Katapult Holdings (NASDAQ: KPLT) shot way up on Tuesday morning, peaking at an overnight gain of 28.4%. The hyperautomated provider of lease transactions for American retailers and consumers posted decent third-quarter results early Tuesday. By 11:47 a.m. EST, the supercharged jump had cooled down somewhat to a single-day return of 18%.
Katapult's third-quarter sales landed at $71.7 million, just above the $71.2 million result from the year-ago period. However, the bottom line swung from a $0.21 net profit per diluted share to a net loss of $0.04 per share. The negative earnings move resulted from Katapult's operating expenses nearly doubling year over year as the company started scaling up its operations.
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Source Fool.com
