- Wednesday, October 16, 2024
Asure Software experienced a setback as its shares dropped by 7% to $9.57 following the unveiling of its fourth-quarter financial results. The cloud-based software provider disclosed a net loss of $3.58 million, or 14 cents per share, for the quarter - a significant increase from the loss of $1.06 million, or 5 cents per share, recorded during the same period the previous year. Analysts surveyed by FactSet had anticipated a loss of $3.1 million, or 13 cents per share.
Revenue Matches Expectations
Despite the disappointing loss, Asure Software saw revenue of $26.3 million for the quarter, aligning with analysts' forecasts. This figure was lower compared to last year's revenue of $29.3 million; however, the company highlighted that recurring revenue experienced a 4% increase.
Future Projections
Looking ahead, Asure Software anticipates first-quarter revenue ranging from $30 million to $32 million, with fiscal 2024 revenue projected to fall between $125 million and $129 million. Analysts' estimates for the first quarter stand at $31.2 million in revenue, and $123.2 million for 2024.
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