Why Shares in Cognex Slumped Again Today
Shares in machine vision company Cognex (NASDAQ: CGNX) slumped more than 8% as of midday today. The move follows a double-digit decline the previous day, intersected by the company's first-quarter earnings report. The first-quarter results were fine, but the guidance and commentary on trading were not.
In February, on the fourth-quarter 2021 earnings presentations, management guided toward first-quarter 2022 revenue of $265 million to $285 million with a gross profit margin in the low 70% range. In fact, revenue came toward the high end of the range at $282.4 million, and gross profit margin of 72% was in line with guidance.
Machine vision is used to monitor production lines. Image source: Getty Images.
Source Fool.com
