Why NerdWallet Stock Dropped 8.5% Today
Shares of financial data and advice website NerdWallet (NASDAQ: NRDS) tumbled 8.5% through 10:20 a.m. ET on Thursday after the company reported a surprise loss in its fourth-quarter 2023 financial update last night.
Heading into the report, analysts had forecast NerdWallet would earn $0.10 per share on sales of $138.4 million. Instead, NerdWallet reported sales of only $133.7 million and a loss for the quarter of $0.03 per share.
NerdWallet reported a 6% year-over-year decline in revenue in Q4, hurt mostly by an 18% pullback in banks' spending to advertise credit cards on the website. Per-share earnings flipped from a $0.12 profit a year ago to the aforementioned $0.03 loss in Q4 2023, and the $8 million decline in revenue seems to account for most of this loss.
Source Fool.com
