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![ENVESTNET, INC. [ENV] reports annual net loss of $245,774,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FENV.png&w=1200&q=75)
ENVESTNET, INC. [ENV] has reported a net loss of $245,774,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.2 billion
Based in BERWYN, Pennsylvania, ENVESTNET, INC. operates in the SERVICES sector.
In the annual financial report ending December 31, 2023, Envestnet, Inc. reported total revenue of $1.25 billion, compared to $1.24 billion in the previous year and $1.19 billion in the year before that. This indicates a slight increase in revenue over the years.
The cost of goods sold or operating expenses for the year 2023 amounted to $1.45 billion, higher than the $1.31 billion in 2022 and $1.15 billion in 2021. The increase in operating expenses reflects the growth in the company's operations and investments.
The net income (loss) for 2023 was reported at -$245.77 million, a larger loss compared to -$85.48 million in 2022 and a profit of $12.69 million in 2021. The company faced significant challenges in generating profits in the reported period.
Earnings per share (EPS) for Envestnet, Inc. in 2023 were -$4.38 for both basic and diluted, a decrease from -$1.47 and -$1.59 in 2022. On the other hand, in 2021, the EPS stood at $0.24, indicating a downturn in profitability.
The weighted average common shares outstanding remained relatively stable over the three years, with 54.46 million basic shares in 2023, 55.20 million in 2022, and 54.47 million in 2021. The diluted shares were 54.46 million in 2023, 56.84 million in 2022, and 55.38 million in 2021.
Overall, Envestnet, Inc. faced challenges in profitability in 2023, with an increased loss compared to the previous year. The company will need to address its cost structure and revenue generation strategies to improve its financial performance in the upcoming periods.
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