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Thursday, May 19, 2022

Phunware Inc (PHUN) stock plunged in the after-hours. Here’s why

Phunware Inc (PHUN) stock followed a bullish pattern in the regular trading session and went up by 4.73% from the previous trading session. The stock of PHUN was trading at $2.88 before the closing of the regular trading session. On the last check, PHUN stock plunged in the after-hours and lost 11.11% to $2.56. PHUN stock plunged after the company announced the initial financial results for the fiscal year 2021. Moreover, Phunware Inc filed form 8-K with the SEC on 23 March 2022. Also, PHUN declared a new resource to stop short-selling from the investors.

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Phunware Inc is a mobile programming and blockchain organization. It produces mobile apps for marketing, for example, customized advertisement focusing, location following, and digital currency brand faithfulness programs. The company has a market capitalization of $277.23 million. PHUN has its base in Austin, Texas, USA.


On 16 March 2022, PHUN declared to release new means to stop betting against the shares from the investors. PHUN will give extra means to assist with amplifying investor esteem including a basic internet-based form that empowers investors to coordinate their financiers. Short sellers commonly get shares they don’t own and sell them on the open market with the assumption that they will have the option to repurchase the shares at a lower cost.

Moreover, on 4 March 2022, the firm declared to have received a new patent from USPTO named “Monitoring Outdoor and Indoor Regions with Mobile Devices”. The new patent recompense further reinforces, extends, and safeguards the firm’s patent portfolio.

Key Financials

Phunware Inc published the initial financial performance for the fiscal year 2021, which concluded on 31 December 2021. The revenue of the firm increased by 6.4% in FY21 to $10.6 million compared to $10.0 million in FY20.

Moreover, PHUN reported a total profit of $3.6 million in FY21 versus $6.6 million in FY20. Total profit decreased by 45.6%.

Also, the company’s total loss increased by 141.6% to $53.5 million in FY21 against $22.1 million in FY20.

PHUN had a loss of $0.71 per stock in FY21 as compared to $0.50 per stock in the fiscal year 2020.

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