Shares in mobile commerce tools provider Pushpay Holdings Ltd (ASX: PPH) have dropped 5.2% to $3.60 at the time of writing off the back of its annual results presentation today.
The Auckland-based software company reported a net loss before tax of 9% to $22.6 million – an improvement on their net loss of US$25 million in the previous corresponding period.
Total revenue increased by 105% over the same period, with an increase in costs eating up earnings as the company cited a "future-proofing" focus would allow Pushpay to unlock its potential in the long-term, despite disappointing results.
Pushpay services three main markets; the faith sector, non-profit organisations and small to medium enterprises.
Similar companies include Afterpay Touch Group Ltd (ASX: APT) whose shares are up 1.9% to $7.39 at the time of writing after a share price slump in April most likely related to broker concerns the business was suffering sales declines.
Several S&P/ASX 200 stocks booked sizable declines today, with Treasury Wine Estates Ltd (ASX: TWE) shares dropping back 11% at the time of writing to $15.91 after the company made an announcement in relation to its Chinese operations.
Laboratory services company ALS Ltd (ASX: ALQ) was also at the top of the declines list at the time of writing, with share prices falling 4.4% to $7.65.
