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WM Technology Falls 27%; Names Interim CEO

Forecasts Q4 double-digit revenue decline

Shares of WM Technology Inc. (Nasdaq: MAPS), the Irvine-based parent of the Weedmaps website to provide cannabis information, fell 27% today after forecasting a “double-digit” decline in fourth-quarter revenue and announcing the resignation of its chief executive.

The company said that Chris Beals stepped down as CEO, replaced by co-founder, former CEO, and Executive Chair Doug Francis.

“While end-market conditions have been challenging, we can be executing at a higher level by getting more focused and streamlined,” Francis said in a statement.

The company forecast fourth-quarter sales will fall “in the low double-digit percentage area” compared to a year ago. The average estimate of analysts was for a 4.8% decline to $51.6 million for the fourth quarter.

After the market closed yesterday, WM reported third-quarter sales fell 1% to $50.5 million and a net loss of $10.5 million, compared to a net income of $49.2 million a year ago. Its average monthly revenue per paying client was $3,019, compared to $3,817 from the prior year.

In today’s trading, shares dropped 27% to $1.40 and a $250 million market cap. The shares reached as high as $20 in June 2021 when the company went public.

 

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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