ShiftPixy Falls After Q3 Earnings Miss

ShiftPixy PIXY shares fell after the company reported third-quarter losses of 15 cents per share, which missed the analyst consensus estimate for a loss of 8 cents.

The company reported quarterly sales of $14.304 million, which missed the analyst consensus estimate of $14.39 million by 0.60%. This is a 52.58% increase over sales of $9.375 million the same period last year.

“We’re quickly penetrating our target markets which are driving rapid progress across key operational and financial metrics. This is all the more exciting considering ShiftPixy is just now approaching a major inflection point,” stated Scott Absher CEO of ShiftPixy.

“Specifically, now that we’ve achieved critical mass on both the employer and employee sides of the equation, we can begin to unleash the robust functionality of our platform including self-delivery. The enhanced feature set and mobile technology are designed to help our operator clients remediate their sky-high turnover and greatly improve profitability, while further accelerating our own progress and benefitting our efforts to create shareholder value.”

ShiftPixy shares were down 6.61% at 59 cents at time of publication. The stock has a 52-week high of $4.69 and a 52-week low of 27 cents.

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