Spire Global (NYSE:SPIR) stock is falling hard on Thursday following the release of the data analytics company’s earnings report for the first quarter of 2024.
The bad news for SPIR stock starts with its adjusted earnings per share of -53 cents. That’s worse than the -43 cents per share that Wall Street was expecting. However, it is an improvement over the -78 cents from the same period of the year prior.
Adding to the troubles for SPIR stock is the company’s revenue of $25.69 million. Yet again, that’s below analysts’ estimate of $27.98 million for the quarter. This is despite it being a 6% increase year-over-year from $24.18 million.
Spire Global Chief Financial Officer Leo Basola said the following in the earnings report:
“We improved our cash position during the first quarter, raising gross proceeds of $40 million, and we are making headway towards reducing our financing cost. We expect a strong increase in revenue during the second quarter, and through our disciplined cost actions, we expect positive adjusted EBITDA in the second quarter and remain on track for positive free cash flow this summer.”
SPIR Stock Outlook
Spire Global’s Q2 revenue outlook isn’t helping the company’s shares out today. That’s due to it ranging from $29 million to $33 million. This would see it miss Wall Street’s Q2 revenue estimate of $36.12 million for the quarter.
The company’s revenue outlook of $122 million to $132 million for the full year of 2024 isn’t much better. It would easily result in the company missing analysts’ revenue estimate of $141.76 million for the year.
SPIR stock is down 22% as of Thursday morning.
There are more stock market stories worth reading about below!
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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.
