Shares of Mitek Systems saw a decline after the company announced that it anticipates a slowdown in revenue growth for the latter part of the year. Despite this, the company maintains its full-year revenue expectations.
As of 11:50 E.T., the shares have dropped by 10% to $11.66, marking the largest percentage decrease since April 2022. However, it is worth noting that the stock has shown a 20% increase since the beginning of the year.
In a recent statement following Thursday's market close, Mitek Systems attributed the decline in revenue growth to the timing of deals in the first half of the year and the challenging macroeconomic environment.
Notwithstanding these challenges, Mitek Systems still projects an 18% revenue growth for the entire year.
During the second quarter that ended on March 31, Mitek Systems reported a significant surge in net profit to 10 cents per share, compared to 1 cent per share during the same period last year. Adjusted earnings per share came in at 29 cents, excluding one-time items. The company also highlighted that it achieved record revenue of $45.3 million for the quarter.
Mitek Systems, however, has fallen behind in filing its earnings report for the three-month period ending June 30. In June, the company received a notice regarding the initiation of a process to delist its securities from the Nasdaq Stock Market due to non-compliance with listing requirements.
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