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Pushpay Holdings Ltd shares plummet on net loss announcement

Shares in mobile commerce tools provider Pushpay Holdings Ltd (ASX: PPH) have dropped 5.2% to $3.60 at the time of writing off the back of its annual results presentation today.

The Auckland-based software company reported a net loss before tax of 9% to $22.6 million – an improvement on their net loss of US$25 million in the previous corresponding period.

Total revenue increased by 105% over the same period, with an increase in costs eating up earnings as the company cited a “future-proofing” focus would allow Pushpay to unlock its potential in the long-term, despite disappointing results.

Pushpay services three main markets; the faith sector, non-profit organisations and small to medium enterprises.

Similar companies include Afterpay Touch Group Ltd (ASX: APT) whose shares are up 1.9% to $7.39 at the time of writing after a share price slump in April most likely related to broker concerns the business was suffering sales declines.

Several S&P/ASX 200 stocks booked sizable declines today, with Treasury Wine Estates Ltd (ASX: TWE) shares dropping back 11% at the time of writing to $15.91 after the company made an announcement in relation to its Chinese operations.

Laboratory services company ALS Ltd (ASX: ALQ) was also at the top of the declines list at the time of writing, with share prices falling 4.4% to $7.65.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and PUSHPAY FPO NZX. The Motley Fool Australia has recommended Treasury Wine Estates Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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