ReAlpha Tech (NASDAQ:AIRE) stock is falling on Wednesday after the real estate technology company released its latest earnings report.
First off, investors will note that this report covers a period starting on May 1, 2023, and lasting through Dec. 31, 2023. This is due to the company undergoing a transition to move the end of its fiscal year to Dec. 31 instead of April 30.
Results for the period were mixed, with ReAlpha Tech bringing in a net loss of $1,251,259 on revenue of $121,690. The same period of the year prior includes a net loss of $4,241,555 and revenue of $284,666.
AIRE Stock Falls on Business Update
Adding to this is the company’s business strategy update included in its latest financial report. It reads as follows:
“Given the current macroeconomic climate, including rising interest rates, inflation, and high property prices, we decided to pause our efforts in acquiring real estate. We may resume the complementary direct real estate investing model from our rental business segment when prevailing interest rates and other macroeconomic factors align more favorably.”
AIRE stock is down 15% as of Wednesday morning. The stock was also down 17.5% year-to-date when markets closed on Tuesday.
Investors looking for more of the latest stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples include what’s sending shares of ShiftPixy (NASDAQ:PIXY) and NuCana (NASDAQ:NCNA) stock higher, as well as the biggest pre-market stock movers this morning. You can catch up on all of this news at the following links!
More Wednesday Stock Market News
- Why Is ShiftPixy (PIXY) Stock Up 52% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
