A year after its IPO, tech stocks were down by more than $4 billion as the company’s earnings plunged.
On Tuesday, Chief Executive Officer and Co-Founder Steve Jurvetson told investors the company is “still up.”
JV shares are down more than 14% since his company announced its IPO in September, with the company reporting $1.3 billion in revenue last year.
But it has been trading at $23 a share since then, a figure which puts it well above the $20 a share that the company was trading at during its initial public offering in 2014.
JV also had a strong start to its year, posting revenues of $5 billion and earnings of $2.9 billion, both higher than expected.
Jurvechtson said in the company presentation Tuesday that revenues for the first quarter of 2017 were up 3% year over year, while the second quarter of that year was up 7%.
The company also reported $1 billion in net income for the quarter, a huge increase from the $6.1 million it earned in the previous year.
In a statement, the company reiterated its focus on the “integrated financial services industry” as well as its focus of “driving cost-efficient, scalable solutions to customers across the breadth of financial services”.
While the company said its revenues and earnings grew as a result of its acquisitions, the most notable of which was its acquisition of Reveno, it said that Revenos overall revenue growth is now expected to “remain robust” despite a fall in the price of the stock.
While revenue was down for the year, the stock price was also down by about $1 a share.
While the earnings dip could come as a surprise to investors, Jurvecheson said the company saw its revenue and earnings grow due to its acquisitions.
In the first nine months of 2017, Revenoe revenues grew 6.6% year-over-year to $3.3 million, while sales grew 7.6%.
While the growth in revenue and sales was a huge improvement over the prior year, Jurvysons stated that the “real question is how long it will continue.”
While the stock is down, Jurveson said that the stock may be a good long-term investment, noting that the price has improved a lot over the past year.