By Rob Curran

Expensify, a leading accounting software company based in Portland, Oregon, experienced a significant drop in its shares following the announcement of a large loss in the third quarter. The company revealed a net loss of $17 million, or 21 cents per share, compared to a loss of $8.2 million, or 10 cents per share, in the same period last year. However, on an adjusted basis, Expensify's loss for the third quarter was $6.7 million.

In response to the challenging financial results, founder and Chief Executive David Barrett stated that cost-cutting measures were being implemented to improve profitability in the long term. He highlighted specific efforts to enhance search-engine marketing, search-engine optimization, and overall conversion optimization.

Expensify aims to achieve $15 million in expense reductions by 2024. The company expects these measures to generate positive cash flow by the same year. As of September 30, Expensify held $89.1 million in cash and cash equivalents.

Following this news, the company's shares plummeted by 23% to $2.24 in premarket trading.

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