Expensify downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Aaron Kimson downgraded Expensify to Market Perform from Outperform without a price target. The company reported “disappointing” Q2 results and withdrew its long-term guidance, the analyst tells investors in a research note. The firm does not see a clear inflection point for the business within the next year, noting revenue has shrunk in each of the last two quarters, both year over year and sequentially on a GAAP basis, with the declining top line affecting profitability and cash flow.