Shares of software as a service (SaaS) provider company GTY Technology Holdings Inc. (GTYH) dropped 9.67% after the ring of the bell on Tuesday.
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The company today announced its Q4 and full-year 2020 financials with weaker than expected revenue and income results.
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Highlights:
- For the fourth quarter of 2020, total GAAP revenue was $13.1 million, up 14% over the previous year’s $11.5 million; the analysts’ consensus for the same was $13.54 million.
- A loss of -$12.44 million was sustained for the reported quarter, or $0.23 per share, compared to a net loss of -$36.5 million, or -$0.70 per share in the same quarter a year ago. Analysts were expecting the company to make a loss of -0.05 per share.
- Gross profit came at $8.2 million, up from a year-ago gross profit of $6.6 million, while Gross margin remained 62%, up from 58% in the fourth quarter of 2019.
- A reduced Q4 operating loss of -$11.1 million is posted by the company, as compared to -$42.6 million for the same period in 2019.
- For the full year 2020, total GAAP revenue of $48.1 million was generated by the company, up 32% from $36.4 million generated in 2019 and analysts were estimating the same to be at $49 million.
- The company posted a net loss of -$44.0 million, or -$0.82 per share, for the full year 2020 against analysts’ consensus of -$0.26 per share.
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In the regular session on the day, GTY Technology Holdings Inc. (GTYH) stock saw a decline of -0.24% to close the trading at $8.17.