Why SmartRent Shares Are Down Today
Portfolio Pulse from Lekha Gupta
SmartRent (NYSE:SMRT) shares fell after reporting Q4 earnings below expectations and providing weak revenue guidance for Q1 and FY24. Despite a 49% Y/Y revenue increase to $60.25 million and a positive adjusted EBITDA of $0.7 million, EPS of $(0.02) missed estimates. The company also announced a $50 million stock repurchase program but projected lower-than-expected revenue for the upcoming periods.
March 05, 2024 | 6:07 pm
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SmartRent shares declined due to disappointing Q4 earnings and weak revenue forecasts for Q1 and FY24, despite a 49% revenue increase and a $50 million stock repurchase program.
The negative reaction in SmartRent's stock price is primarily due to the earnings miss and the soft revenue guidance for the upcoming periods, which likely dampened investor sentiment despite the positive aspects such as the revenue growth and the stock repurchase program.
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