Why Waitr Stock Is Tanking Today
Shares of Waitr (NASDAQ: WTRH) are tanking today, down by 13% as of 12:45 p.m. EST, after the company reported third-quarter earnings. The results missed analyst expectations and stay-at-home stocks more generally have been under heavy selling pressure this week following yesterday's positive news about progress on a coronavirus vaccine.
Revenue in the third quarter was $52.7 million, which was light compared to the consensus estimate of $54.1 million. That resulted in net income of $4.6 million, or $0.04 per share, while Wall Street analysts were modeling for $0.05 per share in profits. The food-delivery technology company reported adjusted EBITDA of $13 million. Waitr finished the quarter with over 2 million active diners and nearly 40,000 average daily orders.
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Source Fool.com
