Bakkt Hldgs Inc Down 15.21% To $0.48 After Earnings Miss

Bakkt Holdings Inc (BKKT) missed earnings projections on 3/25/2024 for Q4 2023.

Analyst expectations for Bakkt Hldgs Inc earnings per share (EPS) were at a loss of $0.13 per share, with the company missing those estimates with a reported EPS loss of $0.29 per share, leading to a negative surprise of $0.16 per share (-123%). Bakkt Hldgs Inc's earnings rose 77% year-over-year as the firm reported an EPS loss of $1.24 per share in its year-ago quarter. The positive annual growth shows the Technology company is performing well amid recent economic conditions.

Analyst projections for Bakkt Hldgs Inc revenue came in at a consensus of $15.3 million. Fourth-Quarter revenues surpassed estimates for $214.5 million by $199.3 million (1307%). The company achieved 1275% growth year-over-year compared to the firm's revenue of $15.6 million from the year-ago quarter. The lower earnings growth relative to revenue signals Bakkt Hldgs Inc has not been able to improve its profit margin.

The stock is down 15.21% to $0.48 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 43. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Bakkt Holdings Inc is a digital asset marketplace that enables consumers to buy, sell, store, and spend digital assets. The company retail platform Bakkt App amplifies consumer spending and bolsters loyalty programs, adding value for stakeholders within the Bakkt payments and digital assets ecosystem.