Shares of Weimob Inc (HKG:2013) plummeted 14.78% in early trading on Monday, as investors reacted to the company's disappointing 2024 financial results released last Friday. The sharp decline comes as the Hong Kong-listed tech company reported a significant widening of losses and a substantial drop in revenue for the past year.

According to the filing with the Hong Kong Stock Exchange, Weimob's loss attributable to equity holders more than doubled to 1.73 billion yuan in 2024, compared to a loss of 758.3 million yuan in the previous year. The company's loss per share expanded to 0.57 yuan from 0.28 yuan a year earlier, far exceeding the average estimate of 0.21 yuan loss per share forecasted by five analysts polled by Visible Alpha.

Adding to investors' concerns, Weimob reported a steep 40% decline in revenue, which fell to 1.34 billion yuan from 2.23 billion yuan in the prior year. This figure also fell short of analysts' expectations, as the consensus estimate from Visible Alpha had projected revenue of 1.79 billion yuan. The combination of widening losses and shrinking revenue has clearly shaken investor confidence, leading to the significant sell-off in Weimob's shares during Monday's trading session.