MW Phunware narrows Q3 loss amid revenue decline

Phunware Inc. $(PHUN)$ reported a narrowed loss in the mobile-advertising company's third-quarter results after market close, although net revenue declined sharply from the same period last year. The company reported a net loss of $2.8 million, or a loss of 25 cents a share, after a loss of net loss $13.7 million, or a loss of $5.72 a share, in the prior year's quarter. Analysts surveyed by FactSet were looking for a loss of 26 cents a share. The company's net revenue for the quarter ending Sept. 30 was $665,000, down from $1.252 million in the same period last year. Analysts surveyed by FactSet were looking for sales of $1.3 million. However, Phunware said that year-to-date software and subscription bookings are up 300% over prior year. Phunware's stock is down 3.3% in extended trades after ending Thursday's session down 13.6%. Shares of Phunware have soared in recent weeks as the Trump-related company garnered attention ahead of the U.S. presidential election. The Austin, Texas-based company developed and launched a mobile app for Trump's 2020 re-election campaign. Earlier this week the company announced a deal to acquire a controlling stake in MyCanvass, a subsidiary of Campaign Nucleus, a software-as-a-service platform founded by Brad Parscale, the digital director of Trump's 2016 campaign and the manager of his 2020 campaign. Phunware shares are up 56.6% in 2024, outpacing the S&P 500 index's gain of 25.2%.

-James Rogers

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November 07, 2024 16:40 ET (21:40 GMT)

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