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Why Meredith Stock Just Dropped 26%

TheMotleyFool

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Meredith (NYSE: MDP) -- the media conglomerate that now owns Time Inc. -- saw its stock crater 26.4% in mid-day trading (12:20 p.m. EDT) despite reporting a big earnings beat for its fiscal fourth quarter and year-end 2019 this morning.

Expected to report pro forma profits of just $1.13 per share on sales of $774.7 million, Meredith surpassed estimates with earnings of $1.79 per share on sales of $785.6 million.

It didn't save the stock.

Source Fool.com

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