What happened
Enjoy Technology (ENJY), a company that specializes in bringing high-end retail experiences to the home, didn't have a good day on the market Thursday. Its shares closed almost 4% lower, following the publication of its latest set of quarterly earnings.
So what
After market close on Wednesday, Enjoy unveiled its fourth quarter of 2021 results. These show that the specialty-retail company earned $22.2 million in revenue, which was almost 23% higher than the same period of 2020. Enjoy also managed to narrow its net loss, although it still landed well in the red. Its deficit was nearly $70.7 million ($0.68 per share), compared to fourth-quarter 2020's $77.7 million.
Image source: Enjoy Technology.
Alas, both headline figures fell notably short of analyst estimates. On average, prognosticators following the stock were expecting almost $24.9 million on the top line and a per-share net loss of only $0.43.
In a shareholder letter bundled into the results announcement, CEO Ron Johnson said the company was hampered by "the continued challenges of the COVID-19 pandemic and significant disruptions in the supply chain that materially impacted the second half of the year."
Now what
Johnson, who rose to prominence while senior vice president of retail operations at Apple for being a key figure in the development of the Apple Store, revealed Enjoy's revenue guidance in his letter. The company believes it will post $160 million to $200 million on the top line for full-year 2022, which would be well above the nearly $81 million of 2021. The consensus analyst estimate for this-year's revenue is slightly over $197 million.