Expensify (NASDAQ: EXFY) stock took a big hit on Wednesday as shares declined 30% while the wider market was flat. That drop added to a tough year for shareholders. The payments app specialist is down over 50% so far in 2023 even as the S&P 500 has gained 17%.

Wednesday's drop came in response to the company's Q2 earnings announcement that showed declining sales and expanding net losses.

Expensify endured a 10% sales decline in the period, which ran through late June, as revenue fell to $39 million. The company's pool of paying members shrank 2% as well. By comparison, sales fell 1% in the prior quarter and Expensify grew its paying customer base by 6%.

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Source Fool.com