Why Snap One Stock Was Down This Week
Snap One (NASDAQ: SNPO) stock underperformed the market this week. The smart tech specialist's shares were down by 9% through early Friday trading compared to a 2.6% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. That decline only erased a small portion of Snap One's recent gains, though. Its shares are still up by more than 20% so far in 2023.
This week's drop came as investors reacted to conservative guidance from Snap One's management team.
Executives said on Tuesday that sales rose 5% in its fiscal fourth quarter after adjusting for an extra sales week in the year-ago period. Cost cuts helped it moderate its bottom-line losses, too -- its net loss was down to 1.5% of sales compared to 2.9% a year earlier. "Our team's steadfast commitment to our growth strategy delivered positive results in 2022," CEO John Heyman said in the earnings press release.
Source Fool.com
