Shares in WM Technology Inc. (Nasdaq: MAPS) fell 21% today in midday trading after the Irvine-based company reported second-quarter revenue that missed analysts’ consensus estimate.
The parent company of Weedmaps, a provider of cannabis information, yesterday reported it generated $58 million in revenue, below the average analyst estimate for $62 million.
“While the current macro environment, including challenges specific to the cannabis end-markets, did impact our results, our pace of innovation and continuing to deliver healthy returns to our clients resulted in us achieving growth that exceeded our end markets by a wide margin,” WM Technology CEO Chris Beals said in a statement.
The company said Wednesday it launched Weedmaps for Business, a rebranding of its software for cannabis brands and retailers.
Shares in WM technology were $2.73 apiece and a $476 million market cap.