Why GTT Communications Stock Crashed Today
Shares of GTT Communications (NYSE: GTT) plunged as much as 56.8% lower on Thursday, closing the trading day at a 46.3% loss. The networking and telecommunications company reported terrible second-quarter results and started looking for drastic solutions to its business problems.
GTT's second-quarter sales came in at $434 million, below Wall Street's $448 million consensus estimates. On the bottom line, analysts had been looking for a $0.05 loss per share. The actual losses clocked in at $0.59 per share.
The company has hired an advisor to help it find buyers for some "non-strategic assets," aiming to reduce the company's financial debt and quarterly interest expenses.
Quelle Fool.com
