Why Aterian Stock Is Down 11% Today
Shares of Aterian (NASDAQ: ATER) slumped 11% on Tuesday after the company reported disappointing first-quarter earnings. The roll-up of online consumer product brands posted heavy losses and a revenue decline in the period. The stock was down as much as 19% during trading hours, and as of 12:36 p.m. ET the stock is down 11.3% for the day.
On May 9, Aterian reported its financial results for the first three months of 2022. Revenue declined 13.3% to $41.7 million in the period due to supply chain issues across its product portfolio and deteriorating results from some of its recent acquisitions. On this revenue base, the company posted an operating loss of $36.3 million, or almost 100% of its revenue. There's no way to beat around the bush, these are terrible results. It isn't surprising then that investors decided to sell Aterian stock today.
Image source: Getty Images.
Source Fool.com
