Investors who are looking into the action in premarket trading this morning might have noticed that the XpresSpa Group Inc (NASDAQ: XSPA) stock has sunk considerably. The stock has nosedived by as much as 18.50% this morning and it is easy to see why.
The company announced its financial results for the fourth quarter on Wednesday and it proved to be a disappointment. The company managed to generated revenues of $0.3 million for the quarter but it was lower than the analysts’ estimates by as big as $1.5 million.
Such a miss can often bring about a fall in the stock price and that is what seems to have happened with the XpresSpa stock this morning. On the other hand, XpresSpa also reported that it had cash and cash equivalents to the tune of $89.9 million in its books. This particular figure does not include the restricted cash. The company has current assets worth $91.8 million against total liabilities to the tune of $13.5 million.