Nearmap (ASX:NEA) share price lower despite new product announcement

Nearmap has announced a new product…

| More on:
ASX aerial imaging shares represented by image of a city from above

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Nearmap Ltd (ASX: NEA) share price was out of form on Wednesday despite a promising announcement.

The aerial imagery technology and location data company's shares ended the day 1% lower at $1.92.

What did Nearmap announce?

This morning Nearmap announced the Australian launch of its powerful tool: Nearmap ImpactResponse.

The company notes that communities and organisations are often overwhelmed and overstretched following natural disasters and weather catastrophes. This includes facing barriers such as limited ground/road access.

In response to this, the company is launching Nearmap ImpactResponse. This product includes aerial imagery, location data, and geospatial tools to allow organisations to better assess damage, plan a disaster response, and manage rebuilding and recovery efforts.

It notes that insurers will also be equipped with the best possible property data and intelligence to deliver a quick and effective claims response, to support customers when they need it most.

This will be achieved by Nearmap aiming to be one of the first organisations to fly and capture aerial imagery of communities affected by natural disasters. By doing so, it expects this powerful city-wide data will be available within days of each event to better support recovery efforts.

Management commentary

Nearmap's Managing Director and Chief Executive Officer, Dr Rob Newman, said: "Our customers have told us aerial imagery, location intelligence and geospatial tools enable them to rapidly assess and understand the situation on the ground following natural disasters, at a time when ground access is limited, and inspection resources are stretched. At these critical times, Nearmap ImpactResponse equips organisations with another powerful first line of response following natural disasters."

"Nearmap teams work hard to provide the largest post-catastrophe coverage footprint in Australia. Nearmap has committed to cover an extra ~15,000 sq km of disaster-affected territory outside and above our regularly scheduled capture program which covers more than 90% of the Australian population," he added.

The Nearmap share price is down 15% year to date.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Elders, IDP Education, Life360, and Pilbara Minerals shares are falling today

Let's see why investors are selling these shares.

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Share Fallers

The 5 worst performing ASX 200 shares in May unmasked

These five ASX 200 shares got smashed in May. But why?

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why Brazilian Rare Earths, Mineral Resources, Pilbara Minerals, and Syrah shares are falling

Why are these shares starting the week in the red?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Brainchip, Findi, Lottery Corp, and REA shares are falling today

These shares are ending the week in the red. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why ALS, Black Cat, Boss Energy, and Soul Patts shares are falling today

These shares are falling on Thursday. Let's find out why.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why ALS, Fisher & Paykel Healthcare, IPD, and Predictive Discovery shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A man looks down with fright as he falls towards the ground.
Share Fallers

Why Aspen, Healius, Nufarm, and Propel shares are falling today

These shares are having a tough session on Tuesday. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Elders, James Hardie, Origin Energy, and SGH shares are falling today

These shares are starting the week in the red. But why?

Read more »