Butterfly Network Stock Jumps After Q2 Beat Fueled by Midjourney Partnership

Butterfly Network Inc. (NYSE: BFLY ) shares are trading higher Thursday after the company reported second- quarter financial results.

Butterfly Network shares are powering higher.

Why are BFLY shares rallying? Butterfly Tops Estimates With 39% Revenue Growth Butterfly reported an adjusted loss of 1 cent per share, beating the consensus estimate of a 6 cent-loss.

In addition, it posted revenue of $32.51 million, beating the consensus estimate of $29.36 million and representing a 39% year-over-year increase.

The increase in revenue was driven largely by the company’s Butterfly Embedded partnerships, including its co-development partnership with Midjourney.

The company ended the quarter with $124.7 million in cash and cash equivalents. “Butterfly delivered another outstanding quarter, exceeding the high end of our guidance while achieving record revenue, gross margin and adjusted EBITDA,” said Joseph DeVivo, President, CEO, and Chairman of Butterfly Network.

Butterfly Raises FY Guidance Butterfly expects third-quarter revenue of $26.00 million to $30.00, versus the consensus estimate of $28.46 million.

Furthermore, Butterfly raised its fiscal-year guidance from between $117.00 million and $121.00 million to between $119.00 million and $123.00 million, versus the consensus estimate of $118.68 million.

Read Also: Stock Market Today: S&P 500, Nasdaq 100 Futures Gain as Federal Reserve Holds Interest Rates—Meta, Microsoft, Apple in Focus Butterfly Shares Climb BFLY Price Action: At the time of publication, Butterfly shares are trading 5.35% higher at $7.48, according to data Pro.

This illustration was generated using artificial intelligence via Midjourney.