09:26 AM EDT, 07/10/2024 (MT Newswires) -- Wag! Group ( PET ) said Wednesday it expects to report a Q2 net loss of $2.2 million to $2.4 million.

Analysts polled by Capital IQ expect a net loss of $2.8 million.

Q2 revenue is expected to be in the range of $18.5 million to $19 million, the company said. Capital IQ analysts have been expecting $22.7 million.

The company lowered its guidance for full-year 2024 revenue to a range of $92 million to $102 million, from a previous outlook of $105 million to $115 million. Analysts surveyed by Capital IQ expect $107.7 million.

Additionally, the company said it has reduced its headcount by more than 10% this year after streamlining its operations with AI and automation.

Wag! shares were down by nearly 11% in recent premarket activity.

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