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Real Alpha Tech (NASDAQ:Aire) stock fell on Wednesday after the real estate technology company released its latest earnings report.
First, investors should note that this report covers the period from May 1, 2023 to December 31, 2023. This is because the company is in a transition period moving its fiscal year end to the traditional December 31st date. April 30.
Results for the period were mixed, with ReAlpha Tech posting a net loss of $1,251,259 on revenue of $121,690. In the same period last year, the company had a net loss of $4,241,555 on revenue of $284,666.
AIRE stock falls on earnings update
Added to this is an update on the company's business strategy contained in its latest financial report. It is written as follows:
“Given the current macroeconomic situation, including rising interest rates, inflation and soaring real estate prices, we have decided to suspend our real estate acquisition efforts. If so, we may resume a complementary direct real estate investment model from our rental business.”
AIRE stock was down 15% as of Wednesday morning. As of market close on Tuesday, the stock had fallen 17.5% since the beginning of the year.
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Publication date, William White did not have any positions (directly or indirectly) in any securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.
