Shares of expense-management software company Expensify (NASDAQ: EXFY) plummeted to all-time lows on Wednesday after the company reported financial results for the first quarter of 2023. As of 2 p.m. ET, Expensify stock was down 18%.

Expensify founder and CEO David Barrett doesn't beat around the bush, and his assessment of Q1 was no exception. Early in the press release, Barrett wrote, "This quarter sucked." And judging from the stock price movement, it appears the market agreed with this pithy assessment.

Expensify offers many free services, hoping that it can eventually get to one billion users via word-of-mouth marketing. And it also hopes to convert many to paying subscribers in time. The company gained customers in Q1, and users of its recently launched credit card were also up. However, Expensify users spent less during the quarter due to economic conditions. And the credit card actually lowers its revenue because it's free and offers users cash back.

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Source Fool.com