Stock Track | Olo Plunges After-Hours Despite Q3 Beat, Profitability Concerns Weigh

Stock Track11-08

Olo Inc. (OLO) shares plunged as much as 9.49% in after-hours trading on November 7, 2024, despite the company reporting better-than-expected third-quarter financial results. The stock's after-hours decline came amid concerns over the company's profitability, despite strong revenue growth.

For the third quarter of 2024, Olo reported adjusted earnings per share of $0.06, beating the consensus analyst estimate of $0.05. The company's revenue of $71.85 million also surpassed expectations of $70.94 million, representing a 24.3% year-over-year increase.

However, Olo reported an operating loss of $8.5 million for the quarter, which may have weighed on investor sentiment. While the company's revenue continues to grow at a robust pace, its ability to achieve profitability remains a concern for investors.

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(OLO) shares plunged as much as 9.49% in after-hours trading on November 7, 2024, despite the company reporting better-than-expected third-quarter financial results. 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