Navan Shares Plunge on Wider Losses and CFO Exit. But Wins Visa Account
Photo Credit: Navan CEO and co-founder Ariel Cohen Skift Global Forum in New York in 2023. Skift
Skift Take
Business travel platform Navan reported 29% revenue growth in its first earnings call as a public company, but the surprise departure of its CFO just months after going public has analysts seeking answers.
Navan's share price tumbled 16% in mid-day trading Tuesday after a fiscal third quarter earnings miss and a surprise announced departure of Chief Financial Officer Amy Butte so soon after its IPO.
Navan's revenue jumped 29% year over year to $195 million, but its losses in the quarter widened to $225.3 million.
On the positive side, Navan said it expects to achieve positive free cash flow in fiscal year 2027.
Navan stock finished the company's first day of trading on October 31 at $20 per share, and was trading at $12.33 Tuesday afternoon.
CFO Departure Adds Another Layer
