Shares of Cantaloupe Inc. (NASDAQ: CTLP) tumbled 5.68% in pre-market trading on Friday following the release of its third-quarter earnings report that fell short of analyst expectations. The financial technology company's mixed results have sparked concerns among investors, leading to the significant stock price decline.
Cantaloupe reported adjusted earnings per share (EPS) of $0.09 for the quarter ended March 31, missing the analyst consensus estimate of $0.10 by 10%. Despite the miss, this figure represents a 50% increase from the $0.06 per share reported in the same period last year. The company's quarterly revenue came in at $75.43 million, up 11.09% year-over-year, but still falling short of the expected $79.83 million by 5.52%.
While Cantaloupe's revenue growth demonstrates the company's expansion, the earnings miss and lower-than-anticipated sales have clearly disappointed investors. The pre-market plunge suggests that market participants are reassessing their expectations for the company's near-term performance. As trading opens for the day, all eyes will be on Cantaloupe to see if the stock can recover from this early setback or if the downward pressure will persist.
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