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.
