Market Updates
Olo Plunged 33% On Weak Annual Outlook
Scott Peters
12 Aug, 2022
New York City
Olo Inc plunged 33.2% to $8.65 after the restaurant software developer said total revenues in the second quarter increased 27% from a year ago to $45.6 million.
Net loss in the quarter was $11.7 million or $0.07 per share compared to $2.4 million or $0.02 per share a year ago.
Olo lowered its third quarter and full-year revenue growth outlook.
For the third quarter, revenues are now estimated between $46.5 million and $47.0 million.
The company estimated full-year 2022 revenues between $183.0 million and $184.0 million, lower than the previous estimate between $195.0 and $197.0 million.
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