Why VOXX International Stock Crashed 24% Today
Shares of automotive and consumer electronics brand VOXX International (NASDAQ: VOXX), popularly known as Audiovox, crashed on Tuesday after reporting a big decline in earnings last night, and an earnings miss as well. As of 11:30 a.m. ET today, shares are down 24.3%
Analysts had forecast that Audiovox would earn $0.11 per share in its fiscal 2023 first quarter, equivalent to the $0.11 the company earned in the year-ago quarter. Instead, it reported a loss of $0.27 per share when calculated according to generally accepted accounting principles (GAAP).
CEO Pat Lavelle blamed supply chain issues in the automotive sector, and in particular a continued dearth of the semiconductor chips needed to build its products, for the fiscal first-quarter miss. Meanwhile, on the consumer electronics front, Lavelle noted that retailers already holding high levels of inventory slowed their rate of buying from the company.
Source Fool.com
