By Sabela Ojea
Shares of Mitek Systems on Friday slipped after the company said it expects revenue growth to moderate in the back half of the year, despite keeping its full-year revenue expectations unchanged.
At 11:50 E.T., shares were down 10%, at $11.66, on pace for the largest percent decrease since April 2022. The stock has, however, climbed 20% since the year started.
After the market close Thursday, the software company said it has seen a decline in the timing of deals in the first half of the year, also driven by “the difficult macroeconomic environment.”
Mitek Systems continues to guide for revenue growth of 18% for the whole year, it added.
In the second quarter ended March 31, Mitek Systems’s net profit surged to 10 cents a share, compared with 1 cent a share for the same period a year earlier.
Stripping out one-time items, earnings per share came in at 29 cents.
Revenue rose to $45.3 million “in a record” quarter, the company said.
Mitek Systems is behind in filing its earnings report for the three-month period ended June 30.
In June, it received a notification stating that a process to delist the company’s securities from the Nasdaq Stock Market had been initiated due to not being in compliance with listing requirements.
Write to Sabela Ojea at [email protected]
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