Shruti Gautam
TLDR:
- Ispire Technology shares dropped 10% after reporting a wider 2Q loss compared to last year.
- The company’s quarterly loss was $4 million, with revenue at $41.7 million for the quarter.
In a recent article by MarketWatch, Ispire Technology shares saw a 10% drop in value after the company reported a second-quarter loss that was wider than the same quarter last year. The vapor technology company disclosed a quarterly loss of $4 million, or seven cents a share, compared to a loss of $130,000, or one cent a share, in the same period the previous year. Despite the loss, revenue for the quarter came in at $41.7 million, showing an increase from the $31.9 million reported last year.
The company also provided revenue projections for the fiscal year 2024. For cannabis vaping products, Ispire expects revenue to range between $80 million to $90 million, representing growth of 100% to 125% compared to fiscal year 2023. Similarly, revenue for tobacco vaping products for the same fiscal year is forecasted to be between $95 million to $105 million, indicating a growth of 33% to 47% from the previous fiscal year.
Investors and analysts are closely watching the company’s performance and future outlook as they navigate through challenging market conditions. With the continued growth in revenue for vaping products, Ispire Technology aims to strengthen its position in the market and drive profitability in the coming quarters.
