Why Phunware Stock Is Plummeting Today
Shares of Phunware (NASDAQ: PHUN) are seeing a significant pullback in today's trading. The software company's stock price was down roughly 7.9% as of 11:15 a.m. ET Thursday and had been down as much as 14.9% in the daily session.
Phunware published its full-year earnings results after the market closed Wednesday, and earnings fell short of the market's expectations despite sales coming in ahead of the target. The company posted a loss per share of $0.71 last year on revenue of $10.64 million, while the average analyst estimate had called for a per-share loss of $0.32 on sales of $10.27 million.
While Phunware's revenue in the fourth quarter surpassed the market's target by roughly $370,000, the fourth-quarter loss per share came in $0.39 worse than anticipated and closed out the year with performance that was significantly weaker than anticipated.
Source Fool.com
