Why BlackSky Stock Died Today -- Then Got Better
Shares of space SPAC and satellite system operator BlackSky Technology (NYSE: BKSY) crashed more than 10% in early trading on the NYSE Tuesday before turning around and cutting their losses later in the morning. As of 11 a.m. ET, BlackSky stock is still down significantly -- 5.7% -- but it's down only half as much as it was an hour ago.
As for why it's down at all, well, the reason is earnings -- or, rather, sales.
Heading into its fiscal Q4 earnings report, analysts had forecast BlackSky would lose $0.16 per share on sales of $19.6 million. As it turned out, BlackSky's loss wasn't quite as bad as feared, with the company reporting a loss of only $0.13 per share. Sales, however, fell just short of estimates at $19.4 million.
Source Fool.com
