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Why GTT Communications Stock Crashed Today

TheMotleyFool

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Why GTT Communications Stock Crashed TodayPhoto, wide shot, wide-angle lens, Mobile phone network, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/828b91fb-678a-4621-906b-21e972059e7d.png

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

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