Estimated reading time: 0 minutes, 53 seconds

EXPENSIFY: ADVERTISING RESUMED Featured

Expensify registered what it said was its best quarter for paid member growth since the start of the pandemic. Those results included reaching 667,000 annual monthly members, rising 4.3 percent from 639,000 the prior quarter.

 

That was helped along by the expense management’s resumption of national advertising for the third quarter ended September 30. The campaign had been stopped because of the pandemic. “We’re in nine major markets right now, and in Q4, Q1, Q2 going forward, we’re just going to keep scaling advertising,” CFO David Shaffer said during this week’s earnings webcast. Expensify lost $6.3 million for the most recently ended quarter, an 8.5-percent decline from $6.9 million a year ago. Revenue was $37.4 million, up 72.6 percent from $21.7 million in last year’s corresponding period. The resumption of advertising was reflected in sales and marketing expenses of $7.6 million, a sharp rising from $1.5 million a year earlier. The bottom line was depressed by $19.9 million in bonuses paid employees in combination with Expensify’s initial public offering. Excluding that, the company had non-GAAP net income of $19.8 million.

Read 815 times
Rate this item
(0 votes)

Visit other PMG Sites: