Grove Collaborative reports Q3 EPS (8c) vs (4c) last year

Reports Q3 revenue $43.7M vs $48.28M last year. “Grove is executing a clear plan to strengthen our foundation and return to growth, even as near-term friction from our ecommerce platform migration weighed on results,” said Jeff Yurcisin, Chief Executive Officer of Grove Collaborative (GROV). “We take accountability for the technology disruptions and have sharpened our focus on fixing the core customer experience, especially the mobile app, subscription management, and payments. Given that prioritization and reduction in advertising spend, we now expect full-year revenue at the lower end of our guidance range and no longer anticipate year-over-year growth in the fourth quarter. These choices protect liquidity and profitability today and set us up for durable, profitable growth in the future.”