Weave Communications Plunges As Q1, Annual Outlook Below Street Estimates

(RTTNews) - Shares of customer communications and engagement software platform provider Weave Communications, Inc. (WEAV) are down more than 16% Thursday morning after the company's first quarter as well as full year revenue outlook come below the consensus estimates. Weave's fourth quarter loss also missed view.

For the first quarter, the company expects revenue to be in the range of $31 million-$32 million. The average estimate of analysts polled by Thomson Reuters stands at $33.8 million.

Looking forward to the full year, revenue is expected between 136 million and $140 million. The consensus estimate is for $152.34 million.

Weave reported net loss of $14.34 million, or $0.34 per share in the fourth quarter, wider than net loss of $9.95 million, or $0.84 per share in the same quarter a year ago.

Excluding one-time items, loss was $0.26 per share, that missed the consensus estimate of $0.25 loss per share.

Revenue for the quarter increased 34% year-over-year to $31.84 million. The consensus estimate was for $31.84 million.

Weave stock touched a new low of $6.08 this morning before edging up to $7.80.