Why WM Technology Stock Crashed Today
Shares of WM Technology (NASDAQ: MAPS) were down 20.6% as of 12:44 p.m. EST on Friday after reporting third-quarter financial results.
Revenue grew 9% year over year to reach $51 million. However, adjusted revenue grew 46% in the U.S., after excluding certain Canada-based retailers that failed to provide valid license information and were removed from the Weedmaps marketplace. Monthly active users increased by 37% year over year to 13.9 million. "Our third-quarter results reflect the momentum we are seeing as we focus on executing and investing against our growth opportunities," CEO Chris Beals said.
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Source Fool.com
