Why Tattooed Chef Stock Fell Sharply Today
Shares of vegetarian packaged-food company Tattooed Chef (NASDAQ: TTCF) fell on Tuesday after reporting financial results for the second quarter of 2022. Revenue was below expectations, and expenses are up. For these reasons, Tattooed Chef stock was down 10% as of 11:30 a.m. ET.
In Q2, Tattooed Chef's revenue was up 15.6% year over year to $58.1 million. This was a sharp drop from the $72 million the company generated just last quarter. And its revenue was far below analysts' estimates of roughly $64 million.
Tattooed Chef remains very much in growth mode despite the revenue slowdown. In Q2, it added 35,000 new distribution points (grocery stores, etc.). It's still working on new products, as evidenced by completing its first run of oat butter bars. And it made improvements to its manufacturing facilities.
Source Fool.com
